The Bank of Ghana has suspended the Foreign Exchange trading licenses of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited (FBN) for one month over series of infractions.
The one-month suspension by the Ghanaian apex bank will take effect from March 18, 2024 and is in accordance with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723).
A statement from the Central bank said the suspension became necessary following various breaches of the foreign exchange market regulations, including fraudulent documentation.
It further warned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
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The statement reads “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.
“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines”.
By Babajide Okeowo
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