The Bank of Ghana has suspended the forex licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) due to breaches of foreign exchange market regulations and fraudulent documentation.
The sanction was announced in an official statement on Ghana’s central bank’s website on Monday.
The two banks will be suspended for a month starting March 18.
“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited
(FBN), effective March 18 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,” said the statement.
It added, “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,” said the Ghanaian central bank, “we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.”
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