Nigeria Cassava Growers Association (NCGA)

Ghana’s Central Bank has announced the suspension of foreign exchange license of Guaranty Trust Bank and First Bank for one month, effective March 18, three months after it Ghana’s Central Bank has suspended the foreign exchange license of Guaranty Trust Bank and FBN Bank for one month, effective March 18,

The development is coming barely three months after it barred eight money transfer organisations (MTOs) from offering remittance services without regulatory approval as the apex bank seeks to regulate the foreign exchange market, a statement from the apex Bank on Monday had said.

It added that the affected banks committed various breaches of the foreign exchange market regulations, including submitting fraudulent documentation in their forex operations.

Reacting, Guaranty Trust Bank in a statement said it is “actively collaborating with the Bank of Ghana to swiftly address the trade-related issues leading to the suspension.” The bank also reassured customers that all other business operations remained unaffected as the suspension was limited to its foreign exchange segment.

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The suspension is in line with Section 11 (2) of the Foreign Exchange Act 2006,  which gives the Bank of Ghana the power to suspend a license for a period instead of revoking it.

The Bank of Ghana said in a statement that it would restore the banks’ licenses after one month if it is satisfied that the banks “put in place effective controls” to ensure strict adherence to regulations. The apex bank also warned other financial institutions and called for strict adherence to forex market regulations and guidelines.