Bank of Ghana suspends forex licences of GTB and First Bank

The Bank of Ghana (BOG) has suspended the foreign exchange trading licenses of two major banks – Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). 

The Bank of Ghana’s one-month suspension of the foreign exchange trading licenses of GTB and FBN will be in effect from March 18, 2024, in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

A statement released by the Bank of Ghana on March 4, 2024, detailed the breach of foreign exchange market regulations that led to the suspension of the banks’ licenses. A particular  violation listed was ‘fraudulent documentation’. 

The Central Bank’s statement also indicated that the licenses of GTB and FBN would be reinstated at the end of the one-month suspension period, provided that they had taken the necessary steps to address the violations and ensure strict compliance with 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 stated.