Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective from 18th March 2024, for one month.
This decisive action comes in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign exchange operations.
According to the central bank, this measure is in strict accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723), underscoring the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market.
The suspension serves as a direct consequence of the banks’ failure to comply with established regulations, highlighting the central bank’s zero-tolerance policy towards regulatory non-compliance.
The Bank of Ghana has outlined that the suspended licences could be reinstated after the suspension period, contingent on GTB and FBNBank’s implementation of effective controls. These controls must ensure rigorous adherence to foreign exchange market regulations, satisfying the central bank’s requirements for compliance.
