GTBank, FBN Ghana Assure Customers of Compliance after Their Licences’ Suspension by Bank of Ghana
FBNBank Ghana and GTBank Ghana yesterday assured their respective customers that were working with the Bank of Ghana to address issues that led to the suspension of their forex trading license by the Ghanaian regulator.
The Bank of Ghana had issued a temporary suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) from March 18, 2024, for a duration of one month.
The Bank of Ghana in a statement on its official website, noted that the proactive measure was prompted by multiple violations of forex market regulations, notably involving instances of fraudulent documentation in their forex activities.
The bank also noted that the restoration of the licence would occur upon the completion of the one-month suspension, contingent on the Bank of Ghana's confirmation that robust controls have been implemented to guarantee rigorous compliance with foreign exchange market regulations.
In the statement, the regulator stressed the importance for forex market participants to rigorously adhere to the relevant forex market regulations and guidelines.
The statement from the Bank of Ghana explained: “Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.
“The licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.”
Section 11 (2) of the Foreign Exchange Act 2006, (Act 723 stated: “The Bank may, suspend a licence for a specific period or determine conditions or restrictions for the licence instead of revoking the licence.”
However, FBNBank Ghana in a statement disclosed that it was working with the Bank of Ghana to identify and address issues that led to the suspension of its forex trading license by the apex bank.
The bank stated: “We refer to the Bank of Ghana's announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024.
“We would like to advise our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to remediate the identified trade-related matters.