The Bank of Ghana has taken a significant step by suspending the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN). Effective from March 18, 2024, this suspension is slated to endure for a month.
This decision comes in response to various infractions of foreign exchange market regulations committed by the two banks, which include instances of fraudulent documentation within their foreign exchange operations.
The apex bank emphasized that this move underscores its unwavering dedication to maintaining regulatory standards and fostering a transparent and stable financial landscape.
Executed under section 11 (2) of the Foreign Exchange Act 2006 (Act 72), the suspension serves as a direct consequence of the banks’ failure to adhere to established regulations.
The Bank of Ghana reaffirmed its zero-tolerance stance towards regulatory non-compliance, making it clear that the suspended licences may be reinstated post the one-month suspension period, contingent upon GTB and FBNBank implementing robust controls.
Officials emphasized that this regulatory action serves as a stern warning to other participants in the foreign exchange market, stressing the imperative of strict adherence to all applicable regulations and guidelines.
