The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), effective November 26, 2024, for one month.
According to the BoG, this action is in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
In a statement issued on November 12, the Central Bank explained that the suspension was due to multiple breaches of foreign exchange market regulations.
The other breaches include, “Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023 and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana dated December 2022, which have come to the attention of the Bank of Ghana.”
The Bank of Ghana (BoG) announced that the licence will be restored at the end of the one-month suspension period, provided that CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
Additionally, the BoG cautioned all foreign exchange market participants to comply strictly with the applicable forex market regulations and guidelines.
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