Nigerian banks in Ghana working to resolve FX trading suspension

The two Nigerian banks in Ghana, which are facing foreign exchange (FX) trading suspension, said they are working with the Ghana Bank to resolve the issue.

The Bank of Ghana on Monday took an action against Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), suspending their Foreign Exchange Trading Licences effective from March 18, 2024, for a duration of one month.

According to a statement released by the Bank, “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 the Bank of Ghana.”

The statement further mentioned that the licenses will be reinstated after the one-month suspension period, provided that effective controls are put in place to ensure strict adherence to regulations in the foreign exchange market.

Additionally, the financial regulator has urged FX market players to strictly adhere to the applicable regulations and guidelines.

In response to the suspension, the affected banks said they are fully cooperating with the Bank of Ghana’s investigation and are committed to rectifying any deficiencies in their foreign exchange operations to ensure compliance with regulatory requirements.

Consequently, GTBank Ghana on Monday issued a statement, saying “we refer to the Central Bank of Ghana’s press statement in which it announced the suspension of Guaranty Trust Bank Ghana’s Foreign Exchange Trading License eective from the 18th of March 2024 until 18th of April 2024 (1 month period) and received ocial notice of same.

“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant Government Agencies and customers with a view to resolving these trade-related issues timely.

Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not aect customers’ own deposits and other business segments of our operations. All other products and services; Main branches, Agency Banking outlets are available for your convenient use at our regular opening hours and our Mobile Apps and Internet banking are available for your use at any time of the day.

“We further assure our customers that the issue was not a function of willful non-compliance by the Bank, as the Bank has a culture that endeavours to comply with regulations at all times and stringent Anti-Money Laundering CFT policies which are applied across all our operations.

“We are also in ongoing consultations and discussions with the Central Bank of Ghana to fully resolve all matters raised in the shortest possible time. Guaranty Trust Bank Ghana remains committed to being a constructive participant in Ghana’s financial markets and to contributing to its further developments in the interest of all its customers and stakeholders,” the statement from corporate communication of GTBank Ghana reads.

When contacted, Oyinade Adegite, chief communication officer at GTCO Plc, described the suspension as an isolated incidence that does not affect the group.

FBNBank Ghana said on Tuesday that it is working with the Bank of Ghana to identify and address issues that led to the suspension of its forex trading license by the apex bank.

FBNBank Ghana, in a statement on Tuesday, March 5, 2024, reaffirmed its commitment to upholding high ethical standards.

The statement reads: “We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024.

“We would like to advise our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to remediate the identified trade-related matters.

“FBNBank would like to assure its valued customers that when the suspension kicks in, the Bank’s other business segments and solutions will be fully operational. This will include branch operations, agent banking partners and channels for seamless banking.

“We reaffirm our commitment to our customers and stakeholders to the provision of the full range of excellent banking services, with the assurances that we will continue to uphold the high ethical standards that we are known for.”