The Bank of Ghana has suspended the foreign exchange trading licences of Guaranty Trust Bank and First Bank, over fraudulent documentation in their forex operations.
The chairman Ghanaian regulator in a statement said the apex bank suspended the Foreign Exchange Trading Licences of the banks for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723) as a result of various breaches of the foreign exchange market regulations.
The statement also noted that their licences 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 regulator cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
Recall, the Central Bank of Nigeria (CBN) recently revoked the licenses of 4,173 Bureaux De Change Operators, for failing to observe regulatory provisions, a move expected to curb arbitrage, racketeering and profiteering as the naira suffers an all-time low against the dollar.
