The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024.
The suspension is said to last for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
In a statement, BoG stated that the suspension is as a result of breach of the foreign exchange market regulations, which includes fraudulent documentation in their foreign exchange operations.
Also from the statement, the various banks will receive their license after measures have been put in place to put an end to such instances by the end of the one month.
Moreover, the Bank of Ghana alerted all foreign exchange market players to obey the appropriate forex market regulations and guidelines.
Below is the statement:
