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The Bank of Ghana has taken a decisive step against fraudulent practices in the foreign exchange market by suspending the foreign exchange trading licenses of two prominent Nigerian-owned banks, Guaranty Trust Bank (GTB) and First Bank (FBN).

The suspension comes amidst a wave of regulatory crackdowns across West Africa, amid efforts by regulators to enforce guidelines and transparency in the financial sector.

The suspension, announced on Monday, is slated to take effect from March 18, 2024, for one month. The Bank of Ghana cited “fraudulent documentation” in the forex operations of the two banks as the primary reason for the suspension.

According to the regulator, this action is in accordance with section 11(2) of the Foreign Exchange Act 2006, (Act 723). The Bank of Ghana emphasized the importance of adhering strictly to forex market regulations and guidelines, cautioning all market players against non-compliance.

“Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN), effective 18th March 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723),” the statement partly read.

“This is a result of various breaches of the foreign exchange market regulations, including fraudulent documentation in their foreign exchange operations which have come to the attention of the Bank of Ghana.

“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.”

This move underscores the regulator’s commitment to maintaining the integrity of the financial system and protecting the interests of investors and consumers alike.

The suspension of GTB and FBN’s forex licenses follows closely on the heels of the Central Bank of Nigeria’s (CBN) revocation of licenses for 4,173 Bureaux De Change Operators. The CBN attributed this action to widespread non-compliance with regulatory provisions, signaling a coordinated effort by regional authorities to crack down on illicit financial activities.

The suspension has reverberated throughout the financial markets, raising concerns about the stability and transparency of forex operations in Ghana.

In response, GTB (Ghana) Limited reassured customers that the suspension does not affect their deposits or other business segments. The bank affirmed its commitment to resolving the issues promptly and working closely with government agencies and stakeholders.

In a press release from its Corporate Communications Department, GTB Ghana reiterated its dedication to compliance and transparency, emphasizing that the suspension was not a result of willful non-compliance. The bank pledged to cooperate fully with regulatory authorities to address the concerns raised and uphold the highest standards of integrity in its operations.

GTB Ghana assured customers that all other products and services, including main branches, agency banking outlets, and digital banking platforms, remain fully operational. This assurance aims to mitigate any potential disruptions to customer service and maintain trust in the bank’s reliability and stability.

It stated, ‘’We refer to the Central Bank of Ghana’s press statement in which it announced the suspension of Guaranty Trust Bank Ghana’s Foreign Exchange Trading License effective from the 18th of March 2024 until 18th of April 2024 (1 month period) and received official notice of same.

“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant Government Agencies and customers to resolve these trade-related issues timely.

“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, and 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 endeavors 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. Guaranty Trust Bank Ghana remains committed to being a constructive participant in Ghana’s financial markets and to contributing to its further developments in the interest of all its customers and stakeholders.’’

In the latest development of the ongoing dispute between Elon Musk and OpenAI, the latter has responded to Musk’s lawsuit with a detailed rebuttal, shedding light on the intricacies of their disagreement.

The conflict revolves around the original mission of OpenAI as a nonprofit organization and its alleged deviation from that mission. In a blog post published on Tuesday, OpenAI announced its intention to dismiss “all of Elon’s claims” and provided its own account of the events leading up to the dispute.

The mission of OpenAI, as reiterated by the organization, is to ensure that artificial general intelligence (AGI) benefits all of humanity, encompassing the construction of safe and beneficial AGI and the distribution of its benefits. OpenAI highlighted the significant resources required for achieving this mission, stating that the realization of AGI would necessitate far more resources than initially anticipated.

Elon Musk, a key figure in the early stages of OpenAI, had suggested a substantial initial funding commitment of $1 billion to the organization. However, it is revealed that OpenAI has raised less than $45 million from Musk himself, with additional funding exceeding $90 million from other donors. This contrast in financial support sets the stage for the underlying tension between Musk and OpenAI.

The divergence in perspectives between Musk and OpenAI became apparent in discussions about transitioning the organization into a for-profit entity to acquire the necessary resources for AGI development.

“We spent a lot of time trying to envision a plausible path to AGI. In early 2017, we came to the realization that building AGI will require vast quantities of compute. We began calculating how much compute an AGI might plausibly require,” OpenAI said in the blog post. “We all understood we were going to need a lot more capital to succeed at our mission—billions of dollars per year, which was far more than any of us, especially Elon, thought we’d be able to raise as the non-profit.”

We and Elon recognized a for-profit entity would be necessary to acquire those resources, the company added.

Musk purportedly advocated for either merging OpenAI with Tesla or assuming full control of the organization. However, disagreements arose regarding the extent of Musk’s control over OpenAI, leading to an impasse in negotiations.

“As we discussed a for-profit structure in order to further the mission, Elon wanted us to merge with Tesla or he wanted full control,” including “majority equity, initial board control, and to be CEO,” according to the post, which is authored by OpenAI co-founders Greg Brockman, Ilya Sutskever, John Schulman, Sam Altman, and Wojciech Zaremba. “We couldn’t agree to terms on a for-profit with Elon because we felt it was against the mission for any individual to have absolute control over OpenAI.”

Musk’s lawsuit against OpenAI alleges that the organization has become a “closed-source de facto subsidiary” of Microsoft, prioritizing profit-making over its original nonprofit mission. This accusation forms the basis of Musk’s claim of breach of contract, although no formal agreement between Musk and OpenAI has been publicly disclosed.

In response, OpenAI said the shift to a for-profit was a mutual agreement, which was not honored because they couldn’t reach a consensus on other issues.

“In late 2017, we and Elon decided the next step for the mission was to create a for-profit entity. Elon wanted majority equity, initial board control, and to be CEO. In the middle of these discussions, he withheld funding. Reid Hoffman bridged the gap to cover salaries and operations,” it said.

We couldn’t agree to terms on a for-profit with Elon because we felt it was against the mission for any individual to have absolute control over OpenAI, the company added.

Musk was said to have sent an email to other members of the board in early February 2018, suggesting that OpenAI should “attach to Tesla as its cash cow”, commenting that it was “exactly right… Tesla is the only path that could even hope to hold a candle to Google. Even then, the probability of being a counterweight to Google is small. It just isn’t zero”

OpenAI contends that Musk’s departure from the organization was amicable, with Musk expressing support for OpenAI’s pursuit of its mission independently.

“Elon soon chose to leave OpenAI, saying that our probability of success was 0, and that he planned to build an AGI competitor within Tesla. When he left in late February 2018, he told our team he was supportive of us finding our own path to raising billions of dollars,” it said.

In an earlier response to the lawsuit, Altman and OpenAI CSO Jason Kwon addressed staff in a memo quoted by the Wall Street Journal, refuting Musk’s claims and suggesting personal motivations behind the legal action. “We believe the claims in this suit may stem from Elon’s regrets about not being involved with the company today,” the memo stated.

Despite Musk’s departure, OpenAI has continued to make strides in advancing its mission, including the development of widely accessible AI tools that benefit various sectors, such as agriculture, healthcare, and language preservation.

“We’re sad that it’s come to this with someone whom we’ve deeply admired—someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI’s mission without him,” OpenAI noted in the blog post.