Foreign Exchange Trading Licenses of FBN Bank and GT Bank suspended

The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) effective March 18, 2024, for a period of one (1) month.

This suspension is in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723). The Central Bank cites several violations of the rules governing the foreign exchange market, including the use of false documentation in their foreign exchange activities, as the reason behind the decision.

The Bank of Ghana mentioned that the license would be reinstated once the banks implement strong controls to ensure strict adherence to foreign exchange market regulations.

Below is the press Release:

Source:Omanghana.com