The Bank of Ghana (BoG) has taken action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) by suspending their foreign exchange trading Licences for a period of one month, effective 18th March 2024.
This decision is in line with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The Central Bank made this move due to several breaches of the foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations.
The statement from the Bank of Ghana indicated that the licences of GTB and FBN will be reinstated after the one-month suspension period, provided that effective controls are put in place to ensure strict adherence to the foreign exchange market regulations.
The Bank of Ghana emphasized the importance of adherence to the applicable forex market regulations and guidelines for all foreign exchange market players.
This caution serves as a reminder for the sector to operate within the regulatory framework to maintain the integrity of the foreign exchange market.
