The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) effective March 18, 2024, for a period of one month, in accordance with Section 11(2) of the Foreign Exchange Act 2006 (Act 723).
In a statement, the Central Bank explained that the decision was made due to various breaches of foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.
The Bank of Ghana added that the licenses will be reinstated at the end of the one-month suspension period, provided the banks implement effective controls to ensure strict adherence to foreign exchange market regulations.
Additionally, the Bank of Ghana cautioned foreign exchange market players to strictly adhere to applicable forex market regulations and guidelines.
