Fraudulent Documentation: Bank of Ghana suspends FX licences of GTBank, First Bank

The Bank of Ghana has suspended the foreign exchange licences of Guaranty Trust Bank (GT Bank) and FBN Bank for one month.
The apex bank in Ghana announced the suspension of the two Nigerian banks on Tuesday in a statement.

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

“This is as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of Bank of Ghana.