The Bank of Ghana (BoG) has announced a one-month suspension of Consolidated Bank Ghana’s (CBG) foreign exchange trading licence, effective November 26, 2024.
The decision follows CBG’s reported breaches of key foreign exchange market regulations and guidelines, as outlined under the Foreign Exchange Act, 2006 (Act 723).
The Bank of Ghana cited multiple violations related to updated guidelines for inward remittance services and anti-money laundering and counter-terrorism financing regulations.
According to BoG, these breaches are outlined in guidelines issued in November 2023 and December 2022.
The central bank emphasized that the suspension is intended to give CBG time to implement effective controls to ensure full compliance with regulatory standards.
“The licence suspension will last for one month, during which we expect Consolidated Bank Ghana to address the deficiencies that have been identified.”
“This decision underlines our commitment to maintaining the integrity of Ghana’s foreign exchange market and ensuring strict adherence to all regulations,” a statement by BoG said.
The suspension will be lifted at the end of the period if BoG is satisfied with CBG’s corrective measures.
BoG also issued a warning to other players in the forex market to strictly comply with all applicable rules and guidelines to avoid similar sanctions.
The BoG statement cautioned all foreign exchange market participants to remain vigilant and to prioritize regulatory compliance in all forex market activities.
