The Bank of Ghana (BoG) 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.
This is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).
A statement from the Central Bank explained that it took the decision 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”, the statement said.
“By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines”, it concluded.
Latest Stories
-
Rwanda plan: Irish government wants to send asylum seekers back to UK
13 seconds -
Ice cubes now cost more than bread and milk in parts of Mali
2 hours -
Titanic gold pocket watch sells for £900,000
3 hours -
Elon Musk in China to discuss enabling full self driving – reports
3 hours -
Foreign Affairs Ministry advises against travelling to Northern Mali
3 hours -
After dating him for three years, I proposed to my husband
3 hours -
Beatrice ‘Bee’ Arthur tackles plastic pollution through artistic exploration
4 hours -
Hundreds turn out for Luv FM/Telecel Fitness Walk in Kumasi
4 hours -
Ghana Post launches Asantehene Commemorative Stamp
4 hours -
Police fire tear gas to disperse Benin wage protest
4 hours -
Airline keeps mistaking 101-year-old woman for baby
4 hours -
Harvey Weinstein hospitalised after conviction overturned
4 hours -
Anis Hafar: Learning how to avoid wars
4 hours -
Private legal practitioner wins Akan NPP parliamentary candidate poll
4 hours -
American-Israeli hostage appears in Hamas video for first time
5 hours