{"id":1275,"date":"2024-11-13T08:12:17","date_gmt":"2024-11-13T08:12:17","guid":{"rendered":"https:\/\/winsmediagh.com\/?p=1275"},"modified":"2024-11-13T08:12:19","modified_gmt":"2024-11-13T08:12:19","slug":"bog-suspends-cbgs-foreign-exchange-trading-license-for-one-month-starting-november-26","status":"publish","type":"post","link":"https:\/\/winsmediagh.com\/?p=1275","title":{"rendered":"BoG Suspends CBG&#8217;s Foreign Exchange Trading License for One Month, Starting November 26"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Bank of Ghana (BoG) has announced the suspension of Consolidated Bank Ghana\u2019s (CBG) Foreign Exchange Trading License for one month, effective November 26, 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 &amp; Proliferation of Weapons of Mass Destruction (AML\/CFT&amp;P) Guidelines for Accountable Institutions, dated December 2022.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"724\" height=\"1024\" src=\"https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM.jpeg\" alt=\"\" class=\"wp-image-1277\" srcset=\"https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM.jpeg 724w, https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM-212x300.jpeg 212w, https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM-297x420.jpeg 297w, https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM-640x905.jpeg 640w, https:\/\/winsmediagh.com\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-13-at-6.28.30-AM-681x963.jpeg 681w\" sizes=\"(max-width: 724px) 100vw, 724px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The BoG has also reminded all foreign exchange market participants to strictly adhere to the applicable forex market regulations and guidelines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has announced the suspension of Consolidated Bank Ghana\u2019s (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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,30],"tags":[268,401],"class_list":["post-1275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-business","tag-bog","tag-cbg"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG Suspends CBG&#039;s Foreign Exchange Trading License for One Month, Starting November 26 - WinsMediaGH<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winsmediagh.com\/?p=1275\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG Suspends CBG&#039;s Foreign Exchange Trading License for One Month, Starting November 26 - WinsMediaGH\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana (BoG) has announced the suspension of Consolidated Bank Ghana\u2019s (CBG) Foreign Exchange Trading License for one month, effective November 26, 2024. 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