Prime News Ghana

BoG suspends foreign exchange trading licenses of GT Bank, FBN Bank

By Vincent Ashitey
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The Bank of Ghana(BoG) has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective March 18, 2024.

The suspension which is to last for one month is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

In a statement, the Central Bank explained the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.

BoG has noted the license will be restored at the end of the one month once it is satisfied that the banks have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

Meanwhile, BoG has also cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.