The Bank of Ghana (BoG) has announce the suspension of foreign exchange trading licences of Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited.
In an official release by BoG, the suspension is effective from 18th March, 2024 a period of one month, in accordance to section 11 (2) of the Foreign Exchange Act 2006 ( Act 723).
This action is as a result of various breaches of the foreign exchange market, including fraudulent documentation in their foreign exchange operations.
” The licences 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. ” BoG wrote.
BoG in this statement further cautioned all foreign exchange players to adhere strictly to all related regulations and guidelines to avoid any repercussions.
