Skip to main content Skip to footer 
The Bank of Ghana has taken decisive action by suspending the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN) for a period of one month. The suspension, effective from March 18, 2024, is in response to several breaches of foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations.
In accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723), the Bank of Ghana has mandated the suspension as a means of ensuring compliance with regulatory standards. The statement issued by the Bank of Ghana emphasizes the need for all foreign exchange market players to strictly adhere to applicable forex market regulations and guidelines.
The licences of GTB and FBNBank Ghana Limited will be reinstated at the end of the one-month suspension period, provided that effective controls are implemented to ensure strict adherence to foreign exchange market regulations. This move underscores the central bank’s commitment to maintaining integrity and transparency within the forex market, safeguarding against malpractices and fraudulent activities.
