The Bank of Ghana has taken decisive action by suspending the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for a period of one month, effective March 18, 2024. This move aligns with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The suspension comes in the wake of multiple breaches of foreign exchange market regulations by both GTB and FBNBank. Notably, fraudulent documentation in their foreign exchange operations has been identified by the Bank of Ghana, prompting this stern regulatory response.
The affected banks are urged to rectify the situation during the suspension period. The licenses will be reinstated only when the Bank of Ghana is convinced that effective controls have been implemented to ensure strict adherence to foreign exchange market regulations.
In a cautionary statement, the Bank of Ghana emphasizes the importance of foreign exchange market players adhering strictly to applicable forex market regulations and guidelines. This action underscores the regulatory commitment to maintaining integrity and transparency within the foreign exchange sector.
