The Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited for one month
The suspension takes effect from March 18, 2024
The suspension was announced in a statement, on Monday, by the Ghanaian apex bank and it comes in response to various breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operation
The Ghanaian apex bank said the development “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 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,” the bank said.
