Consolidated Bank Ghana (CBG) has expressed commitment to collaborating closely with the Bank of Ghana (BoG) to promptly address issues that led to the temporary suspension of its Foreign Exchange Trading Licence.
In a statement issued on Thursday, November 14, 2024, CBG confirmed the suspension and indicated that it anticipates the full reinstatement of its forex trading license following engagement with the BoG and the expiration of the one-month suspension of its license.
CBG in the statement, clarified that while the suspension limits its foreign exchange services, its core banking operations remain unaffected. The bank reassured customers that all other services continue as usual, emphasizing its commitment to business continuity.
“We apologize unreservedly for the inconvenience this situation may have caused and reaffirm our dedication to maintaining the highest standards of operational compliance across all aspects of our business,” the bank stated, reiterating its adherence to regulatory standards.
The Bank of Ghana on Tuesday, November 12, 2024, announced the suspension of the Foreign Exchange Trading Licence for Consolidated Bank Ghana (CBG), effective November 26, 2024.
The one-month suspension followed 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 the CBG establishes effective controls to ensure full adherence to foreign exchange market regulations.
