The Bank of Ghana has suspended the foreign exchange trading licenses of Guaranty Trust Bank and First Bank, both Nigerian-owned banks in Ghana, due to “fraudulent documentation” in their forex operations.
The suspension will be effective from March 18, 2024, for one month.
This action was taken following breaches of foreign exchange market regulations by the banks, as highlighted by the Ghanaian regulator.
The report said that the licenses will be restored after the one-month suspension period if the banks demonstrate effective controls to ensure compliance with forex market regulations.
The Bank of Ghana emphasized the need for strict adherence to applicable forex market regulations and guidelines by all foreign exchange market players.
