Ghana’s Central Bank Suspends GT, FBN Subsidiaries From Forex Transactions

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 (GTB) 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 were able to 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.”