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The Bank of Ghana (BoG) has announced the suspension of the foreign exchange (FX) trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN).
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BOG announced the suspension in a statement on Monday, stating that the suspension will last one month, starting March 18, 2024.
The suspension was due to the discovery of “various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations, the bank said.
According to the bank, the suspension is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
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The bank also said the licences will be restored after one month, provided the BoG is satisfied that both suspended banks 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.” the statement added.
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