The Bank of Ghana has taken the decision to suspend the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited. This suspension, effective from March 18, 2024, will last for one month. The announcement was made by the Ghanaian apex bank in a statement released on Monday.
The move follows the banks’ involvement in various breaches of foreign exchange market regulations, specifically citing incidents of fraudulent documentation within their foreign exchange operations. According to the statement, the decision is in accordance with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723).
The statement from the Bank of Ghana reads, “The 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 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 the 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 regulations to the foreign exchange market.”
The central bank emphasized its commitment to maintaining the integrity and stability of the foreign exchange market, stating that the suspension is a direct consequence of the banks’ failure to comply with established regulations, underscoring the Bank of Ghana’s zero-tolerance policy towards regulatory non-compliance.
