The Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited, effective from 18th March 2024, for one month.

This action is in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign exchange operations.

The suspension, as per section 11 (2) of the Foreign Exchange Act 2006 (Act 723), is a regulatory response aimed at addressing the identified issues within the specified timeframe.

The Bank of Ghana emphasized that the license would be restored after the one-month suspension period, provided the banks have implemented effective controls to ensure strict adherence to foreign exchange market regulations.

“This measure is in strict accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723), underscoring the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market.”

“The suspended licences could be reinstated after the suspension period, contingent on GTB and FBNBank’s implementation of effective controls. These controls must ensure rigorous adherence to foreign exchange market regulations, satisfying the central bank’s requirements for compliance,” the Bank of Ghana emphasized.

This move by the Bank of Ghana follows the recent revocation of licenses for 4,173 bureau de change operators by the Central Bank of Nigeria on March 1, 2024, for non-compliance with regulatory provisions.