Fidelity Bank Denies $25M Fund Seizure Claims in MIIF Gold-for-Forex Deal
Fidelity Bank Ghana Limited has strongly refuted allegations of seizing $25 million from the Minerals Income and Investment Fund (MIIF) under the Gold-for-Forex program.
Clarification on Allegations
In a press release dated January 23, 2025, the bank addressed misinformation circulating in some media reports and provided detailed explanations regarding its partnership with MIIF.
Key Highlights
No Seizure of Funds
Fidelity Bank firmly denied any confiscation of funds, emphasizing that the transaction in question was part of a foreign exchange pre-settlement agreement.
Agreement Terms
The partnership involved Fidelity Bank advancing Ghana Cedis to MIIF, with MIIF committing to repay the equivalent value in foreign exchange within a set period.
Settlement Delays Addressed
While MIIF faced occasional delays in meeting repayment deadlines, the bank confirmed that both parties agreed on a remediation plan. All outstanding amounts were successfully cleared by December 2024.
Commitment to Ghana’s Economic Growth
Fidelity Bank reaffirmed its dedication to supporting Ghana’s economic initiatives, particularly those aimed at alleviating foreign exchange pressures.
This clarification aims to restore public confidence in Fidelity Bank’s operations and its partnership with MIIF under the Gold-for-Forex program.