In compliance with section 11(2) of the Foreign Exchange Act 2006 (Act 723), the Bank of Ghana has suspended the Foreign Exchange Trading Licenses of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) with effect from March 18, 2024, for a period of one (1) month.

The Central Bank stated in a statement that several violations of the rules governing the foreign exchange market, including the use of false paperwork in their foreign exchange activities, were the reason behind the decision.

The Bank of Ghana added that the license will be restored at the end of the one-month suspension period once it is satisfied that the Banks have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

The Bank of Ghana also cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.