The Bank of Ghana has taken swift action against the Guarantee Trust Bank (GTB) and FBNBank Ghana Limited (FBN) for multiple breaches of the foreign exchange market regulations.
In a statement issued on March 4, the Bank of Ghana indicated that the multiple violations by the two banks are based on fraudulent documentation within their foreign exchange operations.
As such, the Bank of Ghana has suspended Foreign Exchange Trading Licences of both banks for a month under section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
Therefore, GTB and FBN are expected to implement robust controls to ensure strict adherence to foreign exchange market regulations at the end of the one-month suspension period to ensure their reinstatement.
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Source: Aba Aikins/ATLFMNEWS
