The apex banking regulator in Ghana, Bank of Ghana has imposed a one month suspension on the foreign exchange trading licences of the banking subsidiaries of Guaranty Trust Bank and First Bank in the country.
The subsidiaries, Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) were suspended due to malpractices including fraudulent documentation. A statement issued by the Bank of Ghana and released on its website said, the licences will be restored after one month if the banks are able put in place effective control measures.
The statement read: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.
“The licence 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.
By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.”
Meanwhile, FBN Ghana has assured its customers that it is working with the Bank of Ghana to promptly rectify the issues that led to the 30-day suspension of its foreign exchange trading licence. The bank, in a statement, reassured its customers that “when the suspension takes effect, the Bank’s other business segments and services will continue to be fully operational.
The bank, in the statement said, “we refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024, and would like to inform our valued customers and esteemed stakeholders that we are collaborating with the Bank of Ghana to rectify the identified trade-related concerns.
“This includes branch operations, agent banking partners, and channels for seamless banking. We reaffirm our commitment to our customers and stakeholders and will continue to maintain the high ethical standards we are renowned for.”
