Ghana suspends FX licences of First Bank, GTBank

GHANA- The Bank of Ghana has suspended the forex licenses of Guaranty Trust Bank Limited (GTB) and First Bank of Nigeria (FBN), due to breaches of foreign exchange market regulations and fraudulent documentation.

The sanction was announced in an official statement on Ghana’s central bank’s website on Monday.

The two banks will be suspended for a month starting March 18.

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited

(FBN), effective March 18 2024, for a period of one (1) 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,” said the statement.

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