Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) have had their foreign exchange trading licenses stopped by the Bank of Ghana (BoG) with effect from March 18, 2024, for a month.
Act 723, the Foreign Exchange Act of 2006, has this provision in Section 11(2).
As stated in a statement, the Central Bank decided in response to many violations of the norms governing the foreign exchange market, including the Bank of Ghana being made aware of bogus documents in their foreign currency operations.
Following a one-month suspension, the license will be reinstated, according to the statement, when the Bank of Ghana is satisfied that appropriate controls have been implemented.
–breaches
