The Bank of Ghana on Monday announced the suspension of the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).

The suspension, effective 18 March, will run for one month.

According to a statement by the Ghanaian central bank, the suspension is in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

It said the move comes as a response to several breaches of the foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which have been brought to the attention of the Bank of Ghana.

According to the statement released by the Bank of Ghana, the licenses of GTB and FBNBank Ghana Limited will be restored at the end of the one-month suspension period, provided the Bank of Ghana is satisfied that they have implemented effective controls to ensure strict adherence to the foreign exchange market regulations.

"The licence 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," it said.

The Ghanaian apex bank by the statement cautioned all foreign exchange market players, emphasising the need for strict compliance with the applicable forex market regulations and guidelines.