Bank of Ghana Suspends Forex Licenses of GTB and FBNBank for Regulatory Breaches

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The Bank of Ghana announced the suspension of the foreign exchange trading licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for one month, effective March 18, 2024.

The central bank said the suspension follows “various breaches of foreign exchange market regulations, including incidents of fraudulent documentation” by the two banks. The action is based on section 11(2) of the Foreign Exchange Act of 2006.

The Bank of Ghana emphasized its commitment to maintaining the integrity and stability of the foreign exchange market and warned other market participants of its “zero-tolerance policy towards regulatory non-compliance.”

The suspensions can be lifted after one month if GTB and FBNBank implement “effective controls” to ensure compliance with regulations.

The development underscores the Bank of Ghana’s proactive approach to monitoring the banking sector and enforcing compliance. Stakeholders will closely monitor the situation as the banks work towards regaining their forex trading licenses.

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