GTCO
BREAKING: Central Bank Suspends Forex Trading License Of GTB
Yinka Olajoyetan, Lagos 
The Central Bank of Ghana has announced the suspension of the Foreign Exchange Trading Licence of Guaranty Trust Bank Ghana Limited (GTB).
The suspension, effective from March 18, 2024, will last for one month.
The apex bank in Ghana said that the decision is based on various breaches of foreign exchange market regulations by the bank, including incidents of fraudulent documentation within its foreign exchange operations.
The Central Bank said the action demonstrates its commitment to upholding regulatory standards and ensuring a transparent and stable financial environment.
The suspension is carried out under section 11 (2) of the Foreign Exchange Act 2006 (Act 72) and serves as a direct consequence of the banks’ failure to comply with established regulations.
The Bank of Ghana underscores its zero-tolerance policy towards regulatory non-compliance.
According to the Central Bank, the suspended licence could be reinstated after the one-month suspension period if GTB implement adequate controls.
Officials said the regulatory action serves as a stern warning to other participants in the foreign exchange market, emphasizing the importance of strict compliance with all applicable regulations and guidelines
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