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

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

669

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.

About The Author

Written by
Ikenna Churchill

Culture storyteller

Related Articles

NewsPolitics

Cameroon’s 92-Year-Old President, Paul Biya, Declares Bid to Run for Eighth Term in October Election

Cameroon’s President Paul Biya has officially declared his intention to run for...

Nigerian Government Under Fire as NNPC Admits Refineries Still Down Despite Billions Spent
News

Delegate Praises Burkina Faso’s Progress in Food Security as Country Joins FAO Council

Burkina Faso has been elected to the Council of the Food and...

Barely weeks after declaring a net profit of N3.3 trillion in the 2023 financial year, with a purported increase of over N700 billion (28%) when compared to the 2022 profit of N2.548 trillion, NNPC has announced it is under intense financial pressure.
News

Nigerian Government Under Fire as NNPC Admits Refineries Still Down Despite Billions Spent

The Federal Government of Nigeria is facing criticism after the Nigerian National...