Bank Of Ghana Suspends FX Licences Of GTB, First Bank For One Month

Bank of Ghana has suspended the Foreign Exchange Trading Licences of two Nigerian-owned banks, Guaranty Trust Bank Ghana Limited and First Bank of Nigeria Ghana Limited.
The suspension takes effect from March 18, 2024, for one month and was announced on Monday by the Ghanaian apex bank.
The suspension comes in response to various breaches of foreign exchange market regulations which include incidents of fraudulent documentation within their foreign exchange operations.
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 regulations to the foreign exchange market.