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Bank of Ghana has fined Barclays Bank GHC4.6m over forex regulations breach

The Bank of Ghana has fined Barclays Bank Ghana an amount of GHC4,579,256.36 for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.

Barclays bank ATM

In a press statement issued by Ghana’s Central Bank, it said that Barclays Bank Ghana has breached the Ghana Interbank Forex Market Conduct Rules.

“This action is in breach of the Ghana Interbank Forex Market Conduct Rules. The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana,”

“The Bank of Ghana is committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana,” the statement added.

The BoG added that it will not spare any market participant who acts against Ghana’s Interbank FX Market Conduct Rules.

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“In pursuit of the above goals, the Bank of Ghana will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules,” the statement added.

The BoG in recent times has taken hard decisions to clean the finance sector.

The first of such decision was the revocation of UT and Capital Banks licenses in 2017. This was followed by the merger of 5 indigenous banks into the Consolidated Bank Ghana.

The BoG also set a new Minimum Capital Requirement (MCR) which led to the downgrading or merger of other banks.

Currently, the Central Bank is cleaning the Microfinance sector. It has closed down 347 microfinance institutions so far.

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