BoG suspends forex trading licences of GTBank and FBNBank
The suspension is also in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), for one month, beginning 18th March 2024.
BoG in a statement said the suspension is due to various breaches to 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," the statement said further.
The suspension is also in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
