The Bank of Ghana (BoG) has announced the suspension of the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), effective from 26th November 2024.
The suspension, which will last for one month, was issued under section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
According to the Bank of Ghana, the suspension was enforced following multiple breaches by CBG of the foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Service for Payment Service Providers, issued in November 2023. The breaches also relate to violations of the Anti-Money Laundering/Combating the Financing of Terrorism & the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Act, as well as the Accountable Institutions Guideline, dated December 2022.
The licence will be restored after the suspension period if the Bank of Ghana is satisfied that CBG has implemented effective controls to ensure compliance with foreign exchange market regulations.
For customers, this suspension means limited access to essential foreign exchange services. During this period, CBG will not be able to handle any currency exchange transactions, including buying or selling foreign currencies. This restriction impacts customers who may need to convert their cedi accounts into foreign currencies like the dollar or pound for travel, business, or international payments.
The Bank of Ghana has entreated all foreign exchange market players to adhere strictly to forex market regulations and guidelines to maintain market stability and compliance.
