Bank of Ghana suspended Foreign Exchange Trading Licences of GT Bank and FBN Bank Ghana
the Central Bank said this is 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.
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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, for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
In a press release copied to BusinessesWeek, the Central Bank said this is 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.
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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.
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By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
Source: Businessweekghana
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