BoG suspends forex trading licences of GT Bank and FBN Bank

March 5, 2024 10:12 AM

The Bank of Ghana (BoG) has taken action against Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) by suspending their Foreign Exchange Trading Licences for one month, starting from March 18, 2024.

BoG suspends forex trading licences of GT Bank and FBN Bank

This decision, in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723), comes as a result of various breaches of foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.

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In a statement issued by the Central Bank, it was emphasized that the suspension is temporary and the licences will be restored at the end of the one-month period, provided that the banks demonstrate effective controls to ensure strict adherence to foreign exchange market regulations.

The BoG further cautioned all foreign exchange market players to strictly adhere to applicable forex market regulations and guidelines to avoid facing similar consequences.

The regulatory body remains committed to maintaining the integrity and stability of the foreign exchange market, ensuring fair and transparent practices among financial institutions.

This action underscores the BoG's commitment to upholding regulatory standards and safeguarding the interests of consumers and the financial system as a whole.

It serves as a reminder to all financial institutions of the importance of compliance with regulatory requirements to maintain trust and integrity in the banking sector.