The Bank of Ghana has implemented a one-month suspension of the Foreign Exchange Trading Licences held by Guaranty Trust Bank Ghana Limited and FBNBank Ghana Limited, both of which are Nigerian-owned institutions.

Effective from March 18, 2024, this action stems from multiple violations of foreign exchange market regulations, including instances of fraudulent documentation within their foreign exchange operations.This decision was formally announced by the Bank of Ghana in a statement released on Monday. Under Section 11(2) of the Foreign Exchange Act 2006 (Act 723), the suspension serves as a response to the aforementioned breaches, as identified by the regulatory body.

According to the statement, the suspension will remain in force for one month, with the possibility of reinstating the licences upon the completion of this period, provided that effective controls are established to ensure strict compliance with foreign exchange market regulations.

The Bank of Ghana emphasized its commitment to upholding the integrity and stability of the foreign exchange market, citing this suspension as a direct consequence of the banks' failure to adhere to established regulations.

This enforcement underscores the central bank's firm stance on regulatory compliance, as articulated through its zero-tolerance policy towards such violations.