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04.03.2024 Business & Finance

BoG suspends FX trading licences of GT Bank, FBN over market regulation breaches

BoG suspends FX trading licences of GT Bank, FBN over market regulation breaches
04.03.2024 LISTEN

The Bank of Ghana (BoG) has announced the suspension of foreign exchange trading licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited.

The Central Bank announced in a release issued on Monday, March 4.

According to BoG, the suspension of the FX trading licences will last one month.

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723),” the Central Bank said in its release.

According to the Bank of Ghana, the suspension is a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to its attention.

The BoG said the licences of the two banks will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have 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 Bank of Ghana said.

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Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

JournalistPage: EricNanaYawKwafo

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