Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) have had their foreign exchange trading licences suspended for one month by the Bank of Ghana (BoG).
In a press statement released on March 4, the central bank said it took action in accordance with Section 11 (2) of the Foreign Exchange Act 2006.
According to BoG, it comes in response to "various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations."
The suspension takes effect from Monday, March 18, and will last until the central bank is pleased with their conduct after the one-month period.
"The licence 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,” the statement read further.
The central bank warned all foreign exchange market players to "adhere strictly to the applicable forex market regulations and guidelines."
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