JUST IN: Bank of Ghana suspends forex licences of GTB and First Bank

The Bank of Ghana has declared that Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN)’s foreign exchange trading licences will be suspended for one month beginning March 18, 2024.

This decisive move is in reaction to several violations of foreign exchange market regulations, including instances of fake documentation inside their foreign exchange activities.

According to the central bank, this step is strictly in conformity with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723), demonstrating the Bank of Ghana’s commitment to the integrity and stability of the foreign exchange markets.

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The suspension is a direct result of the banks‘ failure to comply with existing standards, demonstrating the central bank’s zero-tolerance approach toward regulatory noncompliance.

The Bank of Ghana has outlined that the suspended licences could be reinstated after the suspension period, contingent on GTB and FBNBank’s implementation of effective controls. These controls must ensure rigorous adherence to foreign exchange market regulations, satisfying the central bank’s requirements for compliance.

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The suspension announcement serves as a stern warning to other players in the foreign exchange market. The Bank of Ghana emphasizes the importance of strict compliance with all applicable forex market regulations and guidelines, signaling its readiness to enforce regulatory measures to safeguard market integrity.

This development indicates the Bank of Ghana’s proactive stance in monitoring the banking sector and enforcing compliance to foster a transparent and stable financial environment.

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Stakeholders in the financial and foreign exchange markets will closely monitor the situation, as the actions of GTB and FBNBank in the coming weeks will be crucial in determining their reintegration into the forex trading landscape.

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