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The Bank of Ghana (BoG) has temporarily suspended the forex licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited due to various breaches of foreign exchange market regulations, reports Asaase News.
An official statement issued by the central bank highlighted concerns over allegedly fraudulent documentation in their FX operations.
The suspension, effective from March 18, comes after the BoG uncovered what it called irregularities in the banks’ practices. According to the statement released on March 4, the one-month suspension is in accordance with section 11 (2) of the Foreign Exchange Act 2006 (Act 723).
“The licence[s] will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations,” the BoG statement published by Asaase News said.
The decision underscores the central bank’s commitment to maintaining integrity and compliance within the forex market. It serves as a reminder to financial institutions of the importance of upholding regulatory standards to safeguard the stability and credibility of Ghana’s financial sector.
Source: Daily Mail GH
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