The Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBN Ghana Limited.
Effective from March 18, 2024, for a period of one month, the suspension comes in response to various breaches of foreign exchange market regulations, including incidents of fraudulent documentation within their foreign exchange operations.
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According to the statement released by the Ghanaian apex bank, the suspension is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723). The banks’ licences will be restored at the end of the one-month suspension period, provided the Bank of Ghana is satisfied that they have implemented effective controls to ensure strict adherence to regulations in the foreign exchange market.
This action underscores the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market, emphasizing a zero-tolerance policy towards regulatory non-compliance.