Kelvin Bowoto
The Bank of Ghana, Ghana’s top banking regulator, has suspended the foreign exchange trading licenses of Guaranty Trust Bank and First Bank’s banking subsidiaries in the country for one month.
The subsidiaries, Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), were suspended owing to malpractices such as fake documents. According to a statement published by the Bank of Ghana and posted on its website, the licenses will be reinstated after one month if the banks can implement appropriate controls.
The statement read: “The Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) effective March 18, 2024, for a term of one (1) month, in compliance with Section 11(2) of the Foreign Exchange Act 2006 (Act 723).
“This is as a result of various violations of foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations, which have been brought to the attention of the Bank of Ghana.”
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“The license will be reinstated at the end of the one-month suspension term after the Bank of Ghana is satisfied that effective controls have been implemented to ensure strict adherence to the foreign exchange market laws.
We caution foreign exchange market participants to closely comply with the applicable forex market regulations and standards in this statement.
Meanwhile, FBN Ghana has assured its clients that it is working with the Bank of Ghana to quickly resolve the concerns that resulted in the 30-day suspension of its foreign exchange trading license. In a statement, the bank promised its clients that “when the suspension takes effect, the bank’s other business segments and services will remain fully operational.”
In a statement, the bank stated, “We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading License effective March 18, 2024, and would like to inform our valued customers and esteemed stakeholders that we are collaborating with the Bank of Ghana to address the identified trade-related concerns.
“This comprises branch operations, agent banking partners, and channels that enable seamless banking. We reaffirm our commitment to our customers and stakeholders and will continue to uphold the high ethical standards for which we are known.”
Techrectory with Agency Report.
