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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 a period of one month, effective 18th March 2024. The suspension is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The Central Bank took this decision due to various breaches of foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations. The BoG stated that the suspension will be lifted at the end of the one-month period if the banks put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
