Categories: Banking Sector

Bank of Ghana Halts GT Bank, First Bank Forex Operations Amid Fraud Allegations

The Bank of Ghana has suspended the foreign exchange licences of Guaranty Trust Bank (GT Bank) and First Bank for one month.

The suspension, set to commence on March 18, follows allegations of fraudulent documentation in their forex operations.

This action comes on the heels of the central bank’s recent crackdown on unregulated money transfer organisations (MTOs), underscoring its commitment to maintaining oversight in the foreign exchange market.

GT Bank swiftly responded, expressing active collaboration with the Bank of Ghana to address the trade-related issues leading to the suspension.

Assuring customers, the bank emphasized that the suspension only affects its foreign exchange segment, while all other operations remain unaffected.

In accordance with Section 11 (2) of the Foreign Exchange Act 2006, the suspension provides a temporary measure rather than a permanent revocation of licences.

The Bank of Ghana indicated that the banks’ licences could be reinstated after one month, contingent upon the implementation of effective controls to ensure regulatory compliance.

This development signals the Bank of Ghana’s resolve to uphold transparency and integrity within the financial sector, urging strict adherence to forex market regulations and guidelines by all financial institutions.

As investigations continue, stakeholders await further updates on the outcome and implications of the suspension on GT Bank and First Bank’s operations in Ghana.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Dollar to Naira Black Market Exchange Rate Today, 22nd January 2025

The dollar to naira exchange rate continues to be a focal point in Nigeria's financial…

8 hours ago

Pounds to Naira Black Market Exchange Rate Today, 22nd January 2025

The pounds to naira exchange rate continues to be a critical topic in Nigeria’s financial…

8 hours ago

MTN Nigeria Secures NCC Approval to Renew and Harmonise 800MHz Spectrum Licences

MTN Nigeria Communications PLC has received approval from the Nigerian Communications Commission (NCC) to renew…

13 hours ago

CAC Strengthens Compliance and Enforcement Responsibilities, Targets Business Formalization

The Corporate Affairs Commission (CAC) has outlined plans to enhance its compliance and enforcement responsibilities,…

14 hours ago

Nigeria Could Generate Over $2 Billion from Carbon Market by 2030 – UNN

The University of Nigeria, Nsukka (UNN), has projected that Nigeria could earn over $2 billion…

14 hours ago

Trump Restricts Citizenship Rights for Babies of Undocumented Parents

President Donald Trump has signed an executive order titled “Protecting the Meaning and Value of…

19 hours ago