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Ghanaian central bank fines Absa unit for forex quotes

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Ghanaian central bank fines Absa unit for forex quotes

The Ghanaian central bank said June 3 that it fined Absa Group Ltd. unit Barclays Bank of Ghana Ltd. 4.6 million cedis for making "frivolous quotes" on the interbank foreign exchange market.

Steve Opata, director of financial markets at the Bank of Ghana, told Bloomberg News that Barclays Bank of Ghana had not been transparent with the regulator and that it had traded foreign exchange with a counterparty at a large variance from previously agreed transaction rates with the central bank.

As of June 3, US$1 was equivalent to 5.30 Ghanaian cedis.