The Bank of Ghana (BoG) has suspended the foreign exchange trading license of Consolidated Bank Ghana (CBG) for one month.
The suspension, which takes effect on November 26, 2024, according to the Central Bank, is in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
In a statement, BoG clarified that the action was prompted by multiple violations of foreign exchange market regulations.
The statement cited other breaches, including the “Updated Guidelines for Inward Remittance Services for Payment Service Providers” dated November 2023, and the “Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana,” dated December 2022, which have come to the attention of the Bank of Ghana.
Meanwhile, BoG has assured that the license will be restored at the end of the suspension period if CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
All foreign exchange market participants have been urged to comply strictly with the applicable forex market regulations and guidelines.
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Read the full statement below:
