{"id":158605,"date":"2024-03-04T20:55:43","date_gmt":"2024-03-04T20:55:43","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/03\/04\/bog-suspends-gt-bank-and-fbn-bank-forex-trading-licences-for-breaches\/"},"modified":"2024-03-04T20:55:43","modified_gmt":"2024-03-04T20:55:43","slug":"bog-suspends-gt-bank-and-fbn-bank-forex-trading-licences-for-breaches","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/03\/04\/bog-suspends-gt-bank-and-fbn-bank-forex-trading-licences-for-breaches\/","title":{"rendered":"BoG suspends GT Bank and FBN Bank Forex Trading Licences for breaches"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).<\/p>\n<p>In a statement, the Central Bank explained the decision was due to various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations.<\/p>\n<p>The Bank of Ghana added that the licence will be restored at the end of the one-month suspension period once it is satisfied that the Banks have put in place effective controls to ensure strict adherence to the foreign exchange market regulations.<\/p>\n<p>The Bank of Ghana also cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723). In a statement, the Central Bank explained the decision [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":158606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-158605","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG suspends GT Bank and FBN Bank Forex Trading Licences for breaches - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/03\/04\/bog-suspends-gt-bank-and-fbn-bank-forex-trading-licences-for-breaches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG suspends GT Bank and FBN Bank Forex Trading Licences for breaches - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723). 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