The Bank of Ghana (BoG) has announced the temporary suspension of the foreign exchange trading licenses of Guaranty Trust Bank Ghana Limited (GTB) and First Bank of Nigeria (FBN) Bank Ghana Limited, effective from March 18, 2024, for a period of one month.
The Central Bank stated that the decision was made due to multiple violations of foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which have been brought to its attention.
This action is in accordance with Section 11 (2) of the Foreign Exchange Act 2006 (Act 723).
For customers of these banks, this suspension may impact their ability to carry out certain foreign exchange transactions through these institutions during the suspension period. Customers who rely on these banks for foreign exchange services may need to seek alternative providers or make arrangements to manage their foreign currency needs during this time.
Click on the link to find out more on the FOREIGN EXCHANGE ACT, 2006 (ACT 723)