Business
BREAKING: Bank Of Ghana Suspends Forex Licences of GT Bank, FBN Bank
The Bank of Ghana (BoG) has taken the decision to suspend the forex licences of Guaranty Trust Bank Ghana Limited and FBN Bank Ghana Limited, two Nigerian affiliated banks as announced in an official statement.
The Central Bank has stated that the suspension is a result of various breaches of the foreign exchange market regulations, including instances of fraudulent documentation in their foreign exchange operations, which have been brought to their attention.
According to a statement released by the Bank of Ghana on Monday 4th March, the one-month suspension will be effective from 18 March. The suspension, in accordance with section 11(2) of the Foreign Exchange Act 2006, (Act 723), aims to enforce stricter adherence to the regulations governing the foreign exchange market.
The Bank of Ghana has made it clear that the licences of both Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN) will be restored at the end of the one-month suspension period on the condition that they have implemented effective controls to ensure strict compliance with the foreign exchange market regulations.
Foreign exchange market regulations play a critical role in maintaining the stability and integrity of the financial system.
The Bank of Ghana is responsible for overseeing and enforcing compliance with these regulations to protect the interests of the public and the integrity of the financial sector as a whole.
The suspension of these two banks’ forex licences serves as a stern warning to the industry and emphasizes the importance of adhering to the regulations set forth by the Bank of Ghana.
The central bank’s action shows its commitment to maintaining transparency, accountability, and fairness in the forex market.
The affected banks will be closely monitored during the suspension period to ensure that they make the necessary changes to rectify the breaches that led to the suspension.
The restoration of their licences will be contingent on their ability to demonstrate compliance with the foreign exchange market regulations.
The Bank of Ghana remains committed to promoting a conducive environment for transparent and efficient forex operations, and will continue to take appropriate action against any institution found to be in violation of the regulations.
Business
CBN: 60 newly recruits staff laments three years of waiting without engagement
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
• CBN Governor, Olayemi Cardoso
A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.
The Guardian reported that according to the employees, the Apex Bank issued the offer, which was followed by an acceptance copy and instructions to resign from their previous places of work, where applicable, as part of documentation.
“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.
According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.
“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.
After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.
He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…
The concerned staff appealed to the CBN Governor, President Bola Tinubu, and other stakeholders to look into their plights, as economic hardship has taken a toll on them after about three years of leaving their jobs.
Business
KPMG, NRS settle rifts over new tax laws
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.
KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.
In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives
However, on January 10, the presidential fiscal policy and tax reforms committee pushed back against KPMG’s critique, noting that KPMG does not understand the laws.
The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.
In a statement on Monday, the NRS said that Adedeji hosted a courtesy visit from the delegation of the tax advisory firm.
” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.
“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”
The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.
Business
IMF to release January 2026 World Economic Outlook update on Monday
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
The International Monetary Fund (IMF) will release its January 2026 World Economic Outlook (WEO) Update on Monday, January 19, 2026.
The report will be presented during a press conference hosted at the National Bank of Belgium in Brussels.
The press conference is scheduled for 10:30 a.m. The Brussels time and will be streamed live via the IMF website and Press Centre, allowing journalists to participate both in person and virtually.
The IMF’s economic assessment will be presented by Pierre-Olivier Gourinchas, Economic Counselor and director of the Research Department; Petya Koeva Brooks, deputy director of the Research Department; and Deniz Igan, Division Chief, Research Department.
The January WEO Update is expected to provide revised global growth forecasts and insights into inflation trends, monetary policy direction, and key risks facing the global economy in 2026.
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