BoG suspends foreign exchange trading licences of GT Bank and FBN Bank

The Bank of Ghana (BoG) has suspended the foreign exchange trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one month.

This is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

A statement from the Central Bank explained that it took the decision as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.

“The licence 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”, the statement said.

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines”, it concluded.