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Racketeering: Ghanaian regulator suspends First Bank, GTBank over Forex irregularities

*The Bank of Ghana suspends the Forex trading licences of Nigerian-owned GTBank and First Bank Limited, over ‘fraudulent documentation’ in their Foreign Exchange operations in the neighbouring country

Alexander Davis | ConsumerConnect

For alleged “fraudulent documentation” in their Foreign Exchange (Forex) operations in the neighbouring country, the Bank of Ghana has suspended the Forex trading licences of two Nigerian-owned banks: GTBank and First Bank Limited.

The Ghanaian banking sector regulator, in a statement issued Monday, March 5, 2024, said the banks’ suspension would become effective from March 18, 2024, for a month.

The statement noted: “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 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.”

The Bank also stated: “The licence 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 Ghanaian banking regulator, therefore, cautioned Foreign Exchange market players in the country to adhere strictly to the applicable Forex market regulations and guidelines.

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