The Bank of Ghana (BoG) has imposed a one-month suspension on the foreign exchange licenses of Guaranty Trust Bank and FBN Bank, effective March 18.
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The affected banks were found to have committed various breaches, including the submission of fraudulent documentation in their forex operations.
Guaranty Trust Bank stated its cooperation with the Bank of Ghana to promptly address the issues leading to the suspension, reassuring customers that all other operations remain unaffected.
The suspension aligns with the Foreign Exchange Act 2006, allowing for license suspension instead of revocation. The Bank of Ghana intends to restore the licenses after one month if effective controls are implemented to ensure regulatory compliance.
Additionally, the apex bank cautioned other financial institutions to adhere strictly to forex market regulations.
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