By Melvin Onwubuke
The Bank of Ghana has announced the suspended for a period of one month, the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited and FBNbank Ghana LimitedFBN, which will expire on 18 March 2024.
This is In response to a number of infringements on the foreign exchange market and, in particular, cases of false documentation occurring during their foreign exchange operations, according to nairametrics.
The Bank of Ghana notes that this measure, which is in line with its commitment to maintain the integrity and stability of the external exchange market, is in strict accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
The suspension highlights the central bank’s zero tolerance policy towards regulatory noncompliance, and serves as a direct consequence of the banks’ failure to comply with established rules.
The Bank of Ghana indicated that, if GTB and FBNBank applied effective controls, the suspended licences could be restored once the suspension period was over. These controls must ensure rigorous adherence to foreign exchange market regulations, satisfying the central bank’s requirements for compliance.
This development shows that the Bank of Ghana is taking an active stance to monitor and enforce compliance with banking regulations in order to ensure transparency and a sound financial climate.
The situation will be carefully monitored by stakeholders in financial and foreign exchange markets, as the actions of GTB and FBNbank over the coming weeks are decisive to determine their return to the FX business environment.
