Bank of Ghana suspends GTB, First Bank’s forex licences

The Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBN Ghana Limited.

In a statement released today March 5, the Ghanaian apex bank said the suspension takes effect from March 18, 2024, for one month. According to the bank, the suspension comes in response to various breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations.

The statement in part reads

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one month, in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

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This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of the Bank of Ghana.

The licence 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 regulations to the foreign exchange market.”

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.