First Bank Ghana: To address the forex trading license issue, we are collaborating with Bank of Ghana.
First Bank Ghana has declared that, while it continues to address the recent decision by the Bank of Ghana to suspend its forex trading license for 30 days, its banking operations remain unaffected.
First Bank Ghana, doing business as FBN Bank, made it very evident in a press release obtained by Nairametrics that they are actively collaborating with the Bank of Ghana to swiftly address the problems that resulted in the suspension of their foreign exchange trading license for 30 days.
“We would like to inform our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to address the identified trade-related concerns,” the statement reads. “We refer to the announcement made by the Bank of Ghana regarding the 30-day suspension of our Foreign Exchange Trading Licence, effective March 18, 2024.”
Our knowledge
According to people with knowledge of the situation, the problems seem to have their roots in foreign exchange transactions that might not have followed the bank’s stringent documentation guidelines.
When it comes to forex-related matters, the Bank of Ghana is renowned for enforcing strict compliance and for frequently imposing severe penalties for violations that might be treated more leniently in markets like Nigeria.
The Bank of Ghana has had a fully floating exchange rate for a number of years, but Nigeria has only lately switched to a managed float exchange rate system.
First Bank Ghana’s activities remain unaffected.
Additionally, FBN Bank reaffirmed that the suspension only applies to its forex business and has no bearing on its regular operations.
“FBNBank wishes to reassure its esteemed clients that the Bank’s other business divisions and services will remain fully operational following the implementation of the suspension.
This covers partner agent banking, branch operations, and seamless banking channels. We reiterate our dedication to our clients and other stakeholders, and we will keep up the high moral standards for which we have become known.”
Previous Story
First Bank Ghana, doing business as FBN Bank Ghana, and GTB Ghana had their forex trading licenses suspended for a month, according to a previous report from Nairametrics.
As stated by the central bank, this action demonstrates the Bank of Ghana’s dedication to preserving the integrity and stability of the foreign exchange market and is strictly compliant with section 11(2) of the Foreign Exchange Act 2006 (Act 723).
The Bank of Ghana clarified that the reinstatement of the suspended licenses was subject to GTB and FBNBank putting in place efficient controls after the suspension period.
The strict observance of foreign exchange market regulations by these controls is necessary to meet the central bank’s compliance requirements.
