Bank of Ghana suspends foreign exchange trading licences of GTBank and FBNBank

In a decisive move, the Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) effective from 18th March 2024.

The suspension, slated to last for one month, comes in response to multiple breaches of foreign exchange market regulations, notably involving the submission of fraudulent documentation in their foreign exchange operations.

Under the purview of section 11 (2) of the Foreign Exchange Act 2006 (Act 723), the regulatory body has wielded its authority to address the apparent lapses in adherence to established market protocols.

The suspension underscores the Bank of Ghana’s unwavering commitment to maintaining the integrity and transparency of the foreign exchange market within the nation.

However, the restoration of the suspended licences hinges upon the expeditious implementation of robust controls by GTB and FBNBank Ghana Limited.

These controls are anticipated to ensure strict compliance with foreign exchange market regulations as prescribed by the Bank of Ghana.

This regulatory intervention by the Central Bank serves as a stern reminder to all participants in the foreign exchange market to adhere diligently to the applicable regulations and guidelines.

Such measures are instrumental in upholding the stability and credibility of Ghana’s financial ecosystem amidst evolving market dynamics and heightened scrutiny.

Source:norvanreports