Here is why BoG suspended forex trading licences of GT Bank, FBN Bank

GT Bank Ghana and FBN Bank Ghana have had their forex trading licences suspended

The Bank of Ghana (BoG) has suspended the Foreign Exchange (forex) trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) for one month.

The suspension takes effect from March 18, 2024.

According to the Central Bank, its decision is rooted in the identification of various breaches of the foreign exchange market regulations by the two banks.

Notably, the breaches include instances of fraudulent documentation within their foreign exchange operations.

The apex bank, in an official press statement, expressed its concern over the serious nature of these violations and the potential impact on the integrity of the foreign exchange market.

“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,” the press statement said.

AM/SARA

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