Bank of Ghana suspends GT Bank, First Bank subsidiaries’ forex licences

Maureen Aguta

The Bank of Ghana has suspended the Foreign Exchange Trading Licences of the subsidiaries of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective March 18, 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

In a statement, the Ghana apex bank explained that the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.

The Bank of Ghana added that the licence will be restored at the end of the one-month suspension period once it is satisfied that the banks have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

The Bank of Ghana also cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.

“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