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BoG suspends forex licences of GT Bank, FBNBank

Accra: The Bank of Ghana has suspended the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).

The one-month suspension by the Central Bank takes effect from March 18, 2024, and is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

A statement from the Central Bank said the suspension was as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation.

The statement indicated that the licence of the two banks would be restored at the end of the one-month suspension, once the Central Bank was satisfied with effective controls for 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,’ the Bank of Ghana noted.

Source: Ghana News Agency