Economy and Business

BREAKING: Central Bank of Ghana suspends forex trading licenses of GTB and First Bank

The Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).

The suspension, effective from March 18, 2024, will last for one month.

The apex bank said the decision is based on various breaches of foreign exchange market regulations by the two banks, including incidents of fraudulent documentation within their foreign exchange operations.

The central bank said the action demonstrates its commitment to upholding regulatory standards and ensuring a transparent and stable financial environment.

The suspension is carried out under section 11 (2) of the Foreign Exchange Act 2006 (Act 72) and serves as a direct consequence of the banks’ failure to comply with established regulations.

The Bank of Ghana underscores its zero-tolerance policy towards regulatory non-compliance.

According to the central bank, the suspended licences could be reinstated after the one-month suspension period if GTB and FBNBank implement adequate controls.

Officials said the regulatory action serves as a stern warning to other participants in the foreign exchange market, emphasizing the importance of strict compliance with all applicable regulations and guidelines.

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button