BoG suspends foreign exchange trading licences of GT Bank Ghana, FBNBank Ghana

March 5, 2024
BoG suspends foreign exchange trading licences of GT Bank Ghana, FBNBank Ghana

has taken decisive action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) by suspending their Foreign Exchange Trading Licences effective March 18, 2024. This suspension, which will last for one month, aligns with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

The Bank of Ghana's decision stems from identified breaches of foreign exchange market regulations by both financial institutions. Notably, these violations include instances of fraudulent documentation in their foreign exchange operations. The Bank of Ghana, in its role as the regulatory body, has deemed it necessary to intervene due to these infractions.

According to the official statement released on March 4, 2024, the affected banks' licences will be reinstated after the one-month suspension period only if the Bank of Ghana is assured that effective controls have been implemented to ensure strict adherence to foreign exchange market regulations.

The Bank of Ghana emphasizes the importance of compliance with applicable forex market regulations and guidelines, cautioning all foreign exchange market players to adhere strictly to these standards.

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