Bank Of Ghana Halts Forex Licenses Of GTB And First Bank OF Ghana Subsidaries

Edited by Afolabi Hannah

The Bank of Ghana has taken a significant step by suspending the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for a month, effective from 18th March 2024. This action follows reported breaches of foreign exchange market regulations, including instances of fraudulent documentation within their forex operations. The central bank’s decision underscores its commitment to upholding the integrity and stability of the forex market.

The suspension, in line with section 11 (2) of the Foreign Exchange Act 2006 (Act 723), highlights the Bank of Ghana’s zero-tolerance approach towards regulatory non-compliance. GTB and FBNBank have the opportunity to rectify the identified breaches during the suspension period, with the possibility of having their licenses reinstated upon meeting the central bank’s compliance requirements.

This move serves as a warning to other market players to adhere strictly to forex market regulations. The Bank of Ghana’s proactive enforcement of compliance measures demonstrates its dedication to ensuring a transparent and stable financial environment. The actions taken by GTB and FBN Bank in response to the suspension will be closely monitored by stakeholders in the financial and forex markets.