The Bank of Ghana has temporarily suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).
The suspension, effective 18 March, will run for one month, based on section 11 (2) of the Foreign Exchange Act 2006, with reported concerns about non-compliance in foreign currency transactions.
First Bank Ghana (FBNBank) has reassured customers that regular banking operations are unaffected, and they are actively collaborating with the Bank of Ghana to address the identified issues.
Ghana’s Apex bank noted that the suspension may be lifted if the banks implement effective controls ensuring compliance with foreign exchange regulations during the suspension