The Bank of Ghana has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence, effective November 26, 2024, for one month.
The BoG cited section 11(2) of the Foreign Exchange Act, 2006 (Act 723) as the basis for this decision.
In a statement on November 12, the Central Bank clarified that the suspension was prompted by multiple violations of foreign exchange market regulations.
The 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) announced that the licence will be restored at the end of the one-month suspension period, provided that CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
Additionally, the BoG cautioned all foreign exchange market participants to comply strictly with the applicable forex market regulations and guidelines.