Fraudulent Documentation: Bank of Ghana Temporarily Suspends Foreign Exchange Trading Licenses of GTBank And First Bank
The Bank of Ghana has announced the suspension of the foreign exchange trading licenses of two Nigerian-owned banks, Guaranty Trust Bank and First Bank, operating in the neighboring West African nation. The suspension comes as a result of “fraudulent documentation” identified in their forex operations.
According to a statement released by the Ghanaian regulator on Monday, the suspension will take effect from March 18, 2024, and will last for one month.
“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),” the statement partly read.
“This is 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.”
The regulator cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
