Bank of Ghana Temporarily Suspends FX Licenses of GTB and First Bank for One Month

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The Bank of Ghana has suspended the foreign exchange trading licenses of Guaranty Trust Bank and First Bank, both Nigerian-owned institutions operating in Ghana.

In a Statement on Monday,the suspension, effective from March 18, 2024, for a duration of one month, comes in response to alleged fraudulent documentation in their forex operations.

The regulatory authority invoked Section 11 (2) of the Foreign Exchange Act 2006, (Act 723), highlighting various breaches of foreign exchange market regulations.including fraudulent documentation, prompted the suspension, emphasizing the Bank of Ghana’s commitment to maintaining market integrity.

Accusing the affected institutions of regulatory non-compliance, the Central Bank of Nigeria (CBN) revoked the licenses of 4,173 Bureaux De Change Operators last Friday.

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However,this move is to alleviate arbitrage, racketeering, and profiteering, especially amid the Nigerian naira’s unprecedented decline against the dollar, plunging from approximately $1/700 last May to over $1/1500 currently.

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