The Bank of Ghana has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG) for one month, effective November 26, 2024. This decision follows the bank’s failure to adhere to key foreign exchange market regulations, including breaches of the updated guidelines for inward remittance services and anti-money laundering protocols.
The suspension is in line with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723), and the Anti-Money Laundering and Combating the Financing of Terrorism Guidelines. According to the Bank of Ghana, CBG’s violations include non-compliance with the latest regulatory frameworks designed to ensure the integrity of the financial system.
The suspension will remain in effect until the Bank of Ghana is satisfied that the bank has implemented effective controls to prevent further breaches and ensure full compliance with the country’s forex regulations.
The central bank has also issued a stern reminder to all foreign exchange market participants, urging strict adherence to the relevant regulatory guidelines to maintain the stability and trust in the sector.
