The Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited have been suspended for a month over breaches of the country’s foreign exchange regulations.
In a statement obtained by infomediang.com, the Bank of Ghana (BOG) says the suspension of the FX trading of the two Nigerian-owned banks is for a period of one month effective “18th March 2024, 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 operations which have come to the attention of the Bank of Ghana,” BOG says.
Ghana’s apex bank promised to restore the FX operational licences of the affected financial institutions if it is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market operations.
It also issues stern warning to other financial institutions in Ghana to abide by the regulations building Forex operations.
The sanctions in Ghana came amid criticism over alleged foreign exchange manipulations by most of the banks operating back in Nigeria