The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, per section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
In a statement released by the Central Bank on Monday, March 4, the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.
“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”, the release disclosed.
The Bank of Ghana also cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
