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BoG fines Barclays Bank Ghana GH¢4.6 million

BY: Kester Aburam Korankye
 Abena Osei-Poku is Managing Director at Barclays Bank of Ghana Limited
Abena Osei-Poku is Managing Director at Barclays Bank of Ghana Limited

The Bank of Ghana has fined the Barclays Bank of Ghana an amount of GH¢4,579,256.36 for making frivolous quotes on Ghana’s Interbank Foreign Exchange Market Graphic Online has gathered.

This action is in breach of the Ghana Interbank Forex Market Conduct Rules.

A statement from the BoG on Monday said the central bank was committed to ensuring sanity, transparency and promoting best practices that serve to develop and deepen the FX market in Ghana.

"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 seen by Graphic Online said.

more to follow...

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