GTBank, First Bank react to FX licence suspension in Ghana

Guaranty Trust Bank (GTB) subsidiary in Ghana says it is working with relevant government agencies and customers in the country to resolve the trade-related issues in no time.

On February 4, 2024, the Central Bank of Ghana suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over “fraudulent documentation” during operations.

The suspension, which is to take effect on March 18, 2024, and last for one month, involves GTBank and First Bank of Nigeria (FBN).

However, in a statement on Tuesday, GTBank assured customers that the suspension would not affect other  services 

“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,” GTBank said.

‘’Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not affect 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.”

The bank said it remained committed to being a constructive participant in Ghana’s financial markets and to contributing to its developments in the interest of all its customers and stakeholders.

LIKE GTB, FBN ASSURES OF WORKING TO ADDRESS ISSUE 

On its part, FBN Ghana, on Monday, also reaffirmed its willingness to resolve the FX trading licence suspension.

The bank said all branches would be open for operations as usual.

“We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024,” FBN said.

“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.”

FBN said it will continue to uphold high ethical standards.