BoG fines Barclays Bank over forex regulations breach

The Bank of Ghana, BoG has fined Barclays Bank Ghana an amount of GH¢4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market.
A press statement issued by the Bank of Ghana said Barclays’ 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 press release added.

The central bank stated that it will not hesitate to sanction any market participant whose actions contravene Ghana’s Interbank FX Market Conduct Rules.