The Bank of Ghana (BoG) has suspended the forex licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited, an official statement has said.
The suspension according to the Central Bank is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.
A statement issued by the Bank of Ghana on Monday (4 March), said the one-month suspension will take effect from 18 March.
“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).’
“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana,” i said.
“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,” the BoG statement added.
Below is the full statement:
Reporting by Fred Dzakpata in Accra
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