Fidelity Bank denies seizing $25 million from MIIF

Fidelity Bank Ghana Limited has categorically denied claims that it seized $25 million from the Minerals Income and Investment Fund (MIIF) under the Gold for Forex programme.

The bank issued a press release on 23rd January 2025 to clarify misconceptions surrounding its partnership with MIIF, as reported by some media outlets.

Key clarifications

1. No seizure of funds: Fidelity Bank stated unequivocally that it has not seized any funds from MIIF. The financial transaction in question relates to a foreign exchange pre-settlement agreement, not the confiscation of funds.
2. Nature of the agreement: Under the agreement, Fidelity Bank advanced Ghana Cedis to MIIF, with the understanding that MIIF would repay the equivalent value in foreign exchange within a stipulated timeline.
3. Delays in settlement: While MIIF occasionally missed agreed repayment deadlines, Fidelity Bank explained that a remediation process was agreed upon between the parties. The bank further noted that all outstanding amounts were fully settled by December 2024.

READ ALSO: Justina Nelson appointed acting CEO of MIIF by President Mahama

Fidelity Bank’s stance

The bank reaffirmed its commitment to transparency and regulatory compliance, reiterating that all transactions under the Gold for Forex programme were conducted within agreed terms.

It added that there is no basis for claims of funds being seized. 

Fidelity Bank further expressed its dedication to supporting economic initiatives aimed at easing foreign exchange demand in Ghana.

Response to allegations

This press release comes in response to recent media reports, including an article by The Herald Ghana, alleging that Fidelity Bank seized $25 million belonging to MIIF. 

Fidelity Bank’s statement refutes these claims, positioning the delays as resolved issues under the terms of the agreement.

Fidelity Bank emphasised its support for the Gold for Forex programme, which aims to address foreign exchange pressures and promote economic stability, saying that the bank’s collaboration with MIIF is part of this broader effort to strengthen Ghana’s economic framework.

The release encouraged media questions to be directed to Esi E. Mills-Robertson, Director of Marketing at Fidelity Bank, for further clarification.

The post Fidelity Bank denies seizing $25 million from MIIF first appeared on 3News.

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