Bank Of Ghana Suspends Forex Licences Of GTB, First Bank, Sends Strong Warning

The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).

The ban is effective from 18th March 2024 and would last for one month, Ghana’s central bank said.

The Bank of Ghana said it took the decision over breaches of foreign exchange market regulations.

The central bank accused the two lenders of fraudulent documentation within their foreign exchange operations.

The Bank of Ghana said the measure is in line with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

“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),” the statement on its website seen by THE WHISTLER reads.

It added, “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.”