Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) have had their foreign exchange trading licenses suspended by the Bank of Ghana (BoG) for a duration of one month starting from 18th March 2024, in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The Bank of Ghana stated that the decision was made due to a number of violations of foreign exchange market regulations, which included the use of fraudulent documentation in their foreign exchange operations.
According to a statement from the 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.”
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” it added.
Source: Ghanaweb
