The Bank of Ghana has taken a decisive regulatory action, suspending the Foreign Exchange (Forex) trading licenses of the Guarantee Trust (GT) Bank Ghana Limited and FBN Bank, Ghana Limited, a release said late Monday.
The central bank said the suspension would take effect from March 18, attributing the action to “various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.”
The banking regulatory authority said the licenses would be restored at the end of the one-month suspension period once it is satisfied that the offending banks have put in place effective controls to ensure strict adherence to the forex market regulations.
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” BoG added.
Meanwhile, GTBank has promised to work with the Bank of Ghana to address the trade-related issues raised.
The bank said in a statement that it is also working with the relevant government agencies and customers who submitted defective documentation to address the issues.
“We wish to reiterate that, GTBank Ghana works within and maintains the highest levels of professionalism and compliance to directives given by the Regulator and will continue to work in your best interest,” GTBank stated.