Bank of Ghana suspends Forex trading licences of GT Bank and FNBBank. The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024.
The suspension, according to the BOG, is for one month, per section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The Central Banks in a press release dated March 4, 2024, said the punitive measure is a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations by the two banks which have come to the attention of Bank of Ghana.
Their licences, the BOG noted, will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the statement warned. Bank of Ghana suspends Forex trading licences of GT Bank and FNBBank
