The Bank of Ghana has taken decisive action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) by suspending their Foreign Exchange Trading Licences for one month, effective from March 18, 2024.
This suspension comes as a response to various breaches of foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations.
According to section 11(2) of the Foreign Exchange Act 2006 (Act 723), the Bank of Ghana has the authority to impose such sanctions in cases of non-compliance with regulatory standards.
The suspension aims to address the identified issues and ensure that both GT Bank and FBNBank adhere strictly to foreign exchange market regulations in the future.
The licences of GT Bank and FBNBank will be reinstated at the end of the one-month suspension period, provided they demonstrate effective controls and measures to prevent further breaches of foreign exchange regulations.
Read the entire statement below;
PRESS RELEASE
SUSPENSION OF FOREIGN EXCHANGE TRADING LICENCES OF GUARANTY TRUST BANK GHANA LIMITED AND FBNBANK GHANA LIMITED
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, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.
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.
By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
END
4TH MARCH 2024
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