The Bank of Ghana (BOG) has suspended the Foreign Exchange Trading Licences of two financial institutions, namely; Guaranty Trust Bank Limited (GT Bank) and FBN Bank effective Monday, March 18th. According to the BOG, the two entities breached foreign exchange regulations, including “fraudulent documentation in their foreign exchange operations”, in contravention with section 11(2) of the Foreign Exchange Act 2006 (Act 723).

The central bank in a press release issued on Monday, March 4 indicated that the licences of GT Bank and FBN Bank will be restored after a month once BOG is satisfied that the two institutions have put in place effective controls to ensure strict adherence to the foreign exchange market regulations of the country. It however cautioned other foreign exchange operators to adhere to regulations.

“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines”, the statement concluded.