Barclays Bank Ghana moves to calm down customers over its forex fines and says it is working with the Regulator to sort out the issue

Barclays said it will update the customers on the outcome of the negotiation.

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.

“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,” BoG said in a statement.

“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.

Barclays in a statement said, “For over 100 years, we have contributed significantly to the growth of the financial sector and Ghana's economy.”

“We have provided financial support to individuals, businesses and governments. We will continue to partner you for many more years to come and help bring your possibilities to life,” the statement added.

Read below a copy of the full statement:

BANK OF GHANA PRESS RELEASE ON GHANA INTERBANK FOREX MARKET CONDUCT RULES

Following Bank of Ghana's notice on Barclays Bank Ghana Limited, concerning forex related issues, we would like to inform you that we are engaging the Regulator on the matter and will update you of further developments.

We would also like to assure you that, we continue to be guided by robust governance structures embedded in our organisation and sound business principles in all our operations.

We remain highly liquid and well-capitalised to support your banking needs.

For over 100 years, we have contributed significantly to the growth of the financial sector and Ghana's economy. We have provided financial support to individuals, businesses and governments.

We will continue to partner you for many more years to come and help bring your possibilities to life.

Thank you for your continued loyalty.

Signed

Charles Addo

Retail Banking Director