BREAKING: Bank Of Ghana Suspends GTB, First Bank’s Licenses Over Malpractices
The Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licenses for Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited, both of which are Nigerian-owned institutions. This suspension is set to commence on March 18, 2024, and will last for a duration of one month. The decision was revealed through a statement issued by the central bank of Ghana on Monday.
The action by the Bank of Ghana is a response to several violations of the foreign exchange market rules, including the submission of fraudulent documentation related to their forex transactions. The statement specified, “Following numerous infringements on the foreign exchange market regulations, which involve fraudulent documentation discovered in their forex transactions, the Bank of Ghana has decided to suspend the Forex Trading Licenses of both Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited starting from March 18, 2024, for one month, pursuant to Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).”
The suspension will be lifted after the one-month period, provided the Bank of Ghana deems that both banks have implemented effective measures to ensure full compliance with foreign exchange market regulations. The statement further emphasized, “This measure reflects the Bank of Ghana’s commitment to uphold the integrity and stability of the foreign exchange market as mandated by Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). It is a clear indication of the central bank’s strict enforcement policy against regulatory breaches.”
According to the Ghanaian central bank, this suspension underscores a strict stance against non-adherence to regulatory standards, showcasing the bank’s intolerance for any form of non-compliance within the regulated financial sector.
