BoG Withdraws Forex Licences Of Two Banks

The Central Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN).

The suspension takes effect on March 18, 2024, and will be in force for one month.

“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 the Bank of Ghana,” Bank of Ghana (BoG) said in a statement.

In a statement, the BoG said the suspension is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723) and will be revoked at the end of the one month when the Bank is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

The Bank used the occasion to caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.