Bank of Ghana has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG) for one month, effective November 26, 2024.
Citing Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), the BoG explained in a November 12 statement that this decision was due to repeated violations of foreign exchange market regulations by CBG.
GuidelinesThe other breaches include “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 (BoG) has stated that CBG’s licence will be reinstated after the one-month suspension period, contingent on CBG implementing effective measures to ensure full compliance with foreign exchange market regulations.
The BoG also issued a reminder to all participants in the foreign exchange market to adhere strictly to the established forex regulations and guidelines.