BANK OF GHANA SUSPEND GUARANTY TRUST BANK AND FIRST BANK OVER FOREX FRAUD

The sledge hammer of the apex bank in Ghana has landed on the two bank from Nigeria operating in Ghana, Guaranty Trust Bank of Ghana and First Bank of Ghana. This much was disclosed in a circular from the Bank of Ghana that with effect from March 18th, 2024, the two leading banks for a period of one month will be suspended from participating in the forex transaction in accordance with section 11(2) of the foreign exchange 2006 (Act 723) . The circular further stated that as result of various breaches of the foreign exchange market regulation ,including fraudulent documentations in their foreign exchange operations which have come to the attention of Bank of Ghana they decided to suspend the two banks for the breach of regulations. However, the apex bank stated that the license will be restored at the end of the one month suspension period once the Bank of Ghana is satisfied that they have put in place effective controls to ensure strict adherence to the foreign exchange market regulations and that all other foreign exchange market players should adhere strictly to the applicable forex market regulations and guidelines. The Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.

Recenty in Nigeria,EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this had been raising considerable challenges and concerns to the commission.

Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.

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Abiodun Adisa is the CEO of Applaud Multimedia Services Publisher of Applaud News Magazine and Online @www.applaudnews.com.ng

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