The Bank of Ghana (BoG) has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence for one month, starting November 26, 2024.
In a statement on November 12, the BoG attributed the suspension to multiple breaches of foreign exchange market regulations.
CBG violated the “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023 and the “AML/CFT&P Guideline for Accountable Institutions in Ghana” released in December 2022.
The BoG confirmed it would reinstate the license after the suspension, provided CBG implements effective measures to ensure strict compliance with foreign exchange regulations. The Central Bank also urged all forex market participants to adhere to the relevant regulations and guidelines.
The BoG based its decision on Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
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