BoG suspends CBG Forex trading licence for 1 month
The BoG stated that this decision aligns with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
The Bank of Ghana (BoG) has announced a temporary suspension of Consolidated Bank Ghana's (CBG) Foreign Exchange Trading Licence, effective November 26, 2024, for one month.
The BoG stated that this decision aligns with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
According to a BoG statement, the suspension follows multiple infractions concerning foreign exchange market regulations, the Updated Guidelines for Inward Remittance Services for Payment Service Providers issued in November 2023, and the AML/CFT&P (Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction) Guideline for Accountable Institutions in Ghana, dated December 2022.
The statement noted that CBG’s license would be reinstated after the suspension period if the BoG is confident that the bank has implemented robust controls to ensure full compliance with forex market regulations.
The Bank of Ghana also urged all participants in the foreign exchange market to follow the relevant regulations and guidelines.
