Bank of Ghana Suspends Forex Trading Licenses for GTB and FBNBank

The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective from March 18, 2024, for a duration of one month. This action is in accordance with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723).

The suspension was imposed due to several violations of foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which came to the attention of the Bank of Ghana.

The licenses will be reinstated at the end of the one-month suspension period, provided that the Bank of Ghana is satisfied that effective controls have been put in place to ensure strict adherence to foreign exchange market regulations.

The Ghanaian apex bank emphasizes that this development aligns with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723) and underscores its commitment to maintaining the integrity and stability of the foreign exchange market.

The suspension serves as a direct consequence of the banks’ failure to comply with established regulations, highlighting the central bank’s zero-tolerance policy towards regulatory non-compliance.