The Fidelity Bank Ghana Limited has debunked the purported seizure of $25 million from Minerals Income and Investment Fund (MIIF), with regards to the Gold for Forex programme.
A statement issued by the bank yesterday explained that Fidelity Bank has not seized any money from MIIF and that the transaction in question pertains to the foreign resettlement agreement.
It was explained that under the agreement, Fidelity Bank advanced funds to MIIF in Ghana cedis, with the understanding that MIIF would settle the equivalent in foreign exchange, with a stipulated timeliness.
The statement explained further that on specific occasions, MIIF did not meet the agreed timeliness, but a remediation process was agreed upon as a result of which the outstanding amounts were fully settled by December 2024.
Fidelity Bank assured of its commitment to its partnerships and the economy initiatives aimed at easing foreign exchange demand.
The Bank emphasised that the transactions were conducted within the agreed terms and that there is no basis for claims of funds being seized.
It assured its continued support to the objectives of the Hold for Forex programme and maintain its commitment to transparency and regulatory compliance.
