The Bank of Ghana (BoG) has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence for one month, starting on November 26, 2024.
This action follows multiple breaches of foreign exchange market regulations by CBG, as cited in a statement from the BoG on November 12.
The Central Bank stated that the suspension was taken under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), marking a strict stance on compliance within the sector.
According to the BoG, the decision was prompted by CBG’s violations of several regulatory frameworks, including the “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023 and the “Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline” from December 2022.
These guidelines are critical for maintaining the integrity of Ghana’s financial sector, especially in preventing illicit transactions and ensuring accountability in foreign exchange activities.
The BoG confirmed that CBG’s licence would be reinstated after the suspension period, provided the bank takes concrete measures to ensure strict compliance with foreign exchange regulations.
