{"id":159616,"date":"2024-03-07T14:33:30","date_gmt":"2024-03-07T14:33:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/03\/07\/fidelity-bank-reacts-to-fx-mismanagement-allegations\/"},"modified":"2024-03-07T14:33:30","modified_gmt":"2024-03-07T14:33:30","slug":"fidelity-bank-reacts-to-fx-mismanagement-allegations","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/03\/07\/fidelity-bank-reacts-to-fx-mismanagement-allegations\/","title":{"rendered":"Fidelity Bank Reacts To FX Mismanagement Allegations"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Fidelity Bank CEO, Julian Opuni<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>Fidelity Bank Ghana has responded to recent allegations made by Bright Simons regarding some purported \u2018sweetheart\u2019 exchange rate deals with the Electricity Company of Ghana (ECG).<\/p>\n<p>The Bank, in a statement noted, \u201cOur attention has been drawn to Bright Simons\u2019 publication on X where he alleged that ECG was \u201cdishing out\u201d 80 million Ghana Cedis for free to Fidelity Bank in \u201cSweetheart\u201d Exchange rate deals.\u201d<\/p>\n<p>It stated categorically that the information is false and misleading indicating that it has not had any FX deal with ECG at a rate that is not in line with the prevailing market rate.<\/p>\n<p>\u201cFidelity Bank Ghana Limited did source for foreign exchange on behalf of ECG in 2023, and the sources of the funds were from both Bank of Ghana and the open market. Funds sourced from the Bank of Ghana by Fidelity Bank on behalf of ECG were sold to ECG at the same rate it was sourced, as per the Bank of Ghana requirements,\u201d the bank noted in the statement.<\/p>\n<p>It said it has all records of transactions with ECG and would like to emphasise that no foreign exchange has ever been sold to ECG above the market rates, and in some instances, these were sold significantly below the market rate, adding that all records were also available at the Central Bank and could be verified.<\/p>\n<p>\u201cWe wish to state that owing to the false and misleading publication by Bright Simons and its negative impact on the bank, we have instructed our solicitors to demand the immediate retraction of the publication and an unqualified apology from the author, Bright Simons.<\/p>\n<p>We have further instructed our solicitors to commence legal action against the author and all other persons who have published the said false statement, in the event that the author fails to comply with our demand.<\/p>\n<p>\u201cWe hereby urge all persons, groups and media outlets to desist from further publishing the false statement as doing so may be legally actionable,\u201d it mentioned.<\/p>\n<p>It added, \u201cWe are dedicated to providing high-quality products\/services and maintaining strong relationships with all stakeholders, and we encourage our customers to continue believing in us.\u201d<\/p>\n<p><strong>By Samuel Boadi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Fidelity Bank CEO, Julian Opuni \u00a0 Fidelity Bank Ghana has responded to recent allegations made by Bright Simons regarding some purported \u2018sweetheart\u2019 exchange rate deals with the Electricity Company of Ghana (ECG). The Bank, in a statement noted, \u201cOur attention has been drawn to Bright Simons\u2019 publication on X where he alleged that ECG was [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":159617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-159616","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fidelity Bank Reacts To FX Mismanagement Allegations - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/03\/07\/fidelity-bank-reacts-to-fx-mismanagement-allegations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fidelity Bank Reacts To FX Mismanagement Allegations - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Fidelity Bank CEO, Julian Opuni \u00a0 Fidelity Bank Ghana has responded to recent allegations made by Bright Simons regarding some purported \u2018sweetheart\u2019 exchange rate deals with the Electricity Company of Ghana (ECG). 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