Consolidated Bank Ghana’s (CBG) foreign exchange trading license has been suspended for one month by the Bank of Ghana (BoG).
This suspension, effective November 26, 2024, aligns with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), as specified by the Central Bank.
BoG explained in a statement that the decision was made due to repeated violations of foreign exchange market rules.
Additional regulatory breaches, including others tied to foreign exchange compliance, were also highlighted in the statement. “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.
The Bank of Ghana has stated that CBG’s license will be reinstated once the suspension period ends, provided the bank puts in place effective measures to ensure full compliance with foreign exchange regulations.
Additionally, all participants in the foreign exchange market are advised to strictly follow the relevant rules and guidelines.
Read the full statement below:
