Bank of Ghana Suspends GTB and FBN Bank’s Forex Licenses for Regulatory Breaches

The Bank of Ghana has temporarily suspended  the Foreign Exchange Trading Licences held by Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN). This suspension, effective from March 18th, 2024, will last for one month.

This move comes in response to the banks’ violation of foreign exchange market regulations, including instances of fraudulent documentation in their forex operations. The BOG underscores its dedication to maintaining the integrity and stability of the forex market through this measure, in accordance with Section 11 (2) of the Foreign Exchange Act 2006.

The suspension is a direct consequence of GTB and FBN’s failure to comply with regulations and demonstrates the central bank’s unwavering stance against such infringements.

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The reinstatement of the licenses is contingent upon the implementation of robust controls by the banks to ensure strict adherence to regulations. The BOG will evaluate their compliance before permitting them to resume forex trading activities.

This action serves as a stern warning to other participants in the market, emphasizing the critical importance of adhering strictly to forex regulations. The BOG remains committed to enforcing these measures to uphold the market’s integrity.

This development underscores the BOG’s proactive approach to monitoring the banking sector and fostering transparency and stability within the financial landscape.

Market observers will closely monitor the situation, particularly the actions taken by the banks in the ensuing weeks, as they will be pivotal in determining their reintegration into the forex trading arena.