Breaking: Bank of Ghana Suspends Forex Trading Licences of GTB and FBNBank

The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) effective from March 18, 2024, for a duration of one month.

This move follows a series of breaches of foreign exchange market regulations, including instances of fraudulent documentation detected within their foreign exchange operations.

In accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723), the central bank enforced this measure to uphold the integrity and stability of the foreign exchange market.

The suspension serves as a direct consequence of the banks’ failure to adhere to established regulations, underlining the Bank of Ghana’s unwavering commitment to enforcing regulatory compliance.

The Bank of Ghana has clarified that the suspended licences may be reinstated post-suspension period, subject to GTB and FBNBank implementing robust controls to ensure strict adherence to foreign exchange market regulations, meeting the central bank’s compliance standards.

This announcement served as a stern warning to other participants in the foreign exchange market, underscoring the imperative of full compliance with all relevant forex market regulations and guidelines.

The development reflects the Bank of Ghana’s proactive approach in monitoring the banking sector and enforcing compliance measures to uphold transparency and stability in the financial landscape.

Key stakeholders in the financial and foreign exchange sectors will closely monitor the situation, as the actions taken by GTB and FBN Bank in the ensuing weeks will determine their reintegration into the forex trading sphere.

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Ikenna Churchill

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