The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading License of Consolidated Bank Ghana (CBG) with effect from November 26, 2024.
In a statement on Tuesday, November 12, the Central Bank said the suspension, which would last for a month, was in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
It attributed the decision to some breaches of the foreign exchange market regulations, including Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023.
The other breaches pertained to the Anti-Money Laundering/Combating the Financing of Terrorism as well as the Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines for Accountable Institutions in Ghana dated December 2022.
The Central Bank indicated that the license of CBG would be restored at the end of the one-month suspension once it was satisfied that CBG had put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
“By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,” the Central bank stated.
