BoG Suspends Consolidated Bank Ghana’s Forex Trading Licence for One Month
The Bank of Ghana (BoG) has announced the suspension of the Foreign Exchange Trading Licence for Consolidated Bank Ghana (CBG), effective November 26, 2024.
The one-month suspension follows a series of regulatory violations cited by the central bank.
According to a statement released on November 12, the BoG invoked Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), identifying several breaches by CBG.
These include non-compliance with the “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023 and the “Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline” established for accountable institutions in Ghana in December 2022.
The BoG noted that the suspension will remain in force until CBG establishes effective controls to ensure full adherence to foreign exchange market regulations.
Should the bank comply satisfactorily, the licence will be reinstated after the one-month period.
In its announcement, the BoG also issued a broader warning to all participants in the forex market, urging strict compliance with existing regulations and guidelines to maintain stability and integrity within Ghana’s financial system.
