November 12, 2024 — The Bank of Ghana (BoG) has announced a suspension of the foreign exchange trading license of Consolidated Bank Ghana (CBG), effective November 26, 2024. This suspension, lasting one month, is in line with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723), and follows several regulatory breaches.
The BoG cited multiple infractions by CBG, including violations of the foreign exchange market regulations, breaches of the Updated Guidelines for Inward Remittance Services for Payment Service Providers (issued November 2023), and lapses in adherence to the Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana (issued December 2022).
The central bank emphasized that the suspension will be lifted only if CBG implements effective controls and demonstrates compliance with all relevant regulations. BoG urged all foreign exchange market players to strictly follow the applicable guidelines to maintain market integrity.
The statement, signed by Sandra Thompson, Secretary of the Bank of Ghana, serves as a warning to institutions across Ghana’s financial sector to uphold regulatory standards in their operations.
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