The Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licenses of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited.
Effective from March 18, 2024, the suspension will last for one month.
This decision was communicated in a statement issued by the Ghanaian apex bank on Monday.
The suspension was imposed due to several breaches of foreign exchange market regulations, including instances of fraudulent documentation within their foreign exchange operations.
“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 the 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 regulations to the foreign exchange market.” the statement read in part.
The Ghanaian apex bank said the development “is in strict accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723), underscoring the Bank of Ghana’s commitment to maintaining the integrity and stability of the foreign exchange market.
“The suspension serves as a direct consequence of the banks’ failure to comply with established regulations, highlighting the central bank’s zero-tolerance policy towards regulatory non-compliance,” the bank said.