The Bank of Ghana (BoG) has announced the suspension of Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading License for one month, effective November 26, 2024.
The decision, in line with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows several violations of the foreign exchange market regulations. These include breaches of the Updated Guidelines for Inward Remittance Services for Payment Service Providers, dated November 2023, as well as the Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guidelines for Accountable Institutions, dated December 2022.
The suspension will remain in effect for one month, during which CBG must implement effective controls to ensure compliance with all foreign exchange market regulations. If the Bank of Ghana is satisfied with the corrective measures taken, the license will be reinstated at the end of the suspension period.
The BoG has also reminded all foreign exchange market participants to strictly adhere to the applicable forex market regulations and guidelines.
