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.
Jerrymusa.com reports that the suspension begins on March 18, 2024, and lasts for one month. The top bank in Ghana released a statement on Monday announcing the suspension.
Reasons For Fx Licence Suspension
The suspension is a result of many violations of the norms governing the foreign exchange market, including instances of falsified documents in their foreign exchange operations.
In compliance with Section 11(2) of the Foreign Exchange Act 2006 (Act 723), the Bank of Ghana has suspended the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), with effect from March 18, 2024, for one month.
“This is due to many violations of the norms governing the foreign exchange market, such as the use of false paperwork in their foreign exchange operations, which have been brought to the knowledge of the Bank of Ghana.
“Once the Bank of Ghana is satisfied that they have implemented efficient controls to ensure strict adherence to regulations in the foreign exchange market, the licence will be restored at the conclusion of the one-month suspension period.” Part of the statement was read.
The growth “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,” according to the Apex bank in Ghana.
“The suspension highlights the central bank’s zero-tolerance policy towards regulatory non-compliance, as it is a direct consequence of the banks’ failure to comply with established regulations,” the bank stated.