CBG Speaks On BoG’s Suspension Of Forex Trading License

Consolidated Bank Ghana (CBG) has assured the public that the suspension of its Foreign Exchange License (FEL) does not impact its full banking operations.

The bank stated that its normal banking operations continue as it observes the suspension by the Bank of Ghana.

“We believe the concerns raised in the notice can be swiftly resolved and are committed to working closely with the Bank of Ghana to ensure compliance. We want to reassure our valued customers that this suspension does not affect CBG’s normal banking operations,” a statement issued by the bank said.

The statement clarified that, except for foreign exchange products and services, all its branches and digital platforms continue to provide customers with a full range of services.

“We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana or upon the expiration of the suspension period,” the bank added.

“We apologize unreservedly for any 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 statement further noted.

 

 

 

 

Background

The Bank of Ghana (BoG) suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), effective November 26, 2024, for a period of one month.

The central bank explained that the suspension follows a number of breaches of foreign exchange market regulations, including the Updated Guidelines for Inward Remittance Services for Payment Service Providers (November 2023), and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline (December 2022), which have come to the attention of the Bank of Ghana.

According to BoG, the licence will be restored at the end of the one-month suspension period, once the Bank of Ghana is satisfied that CBG has implemented effective controls to ensure strict adherence to the foreign exchange market regulations.

The Bank of Ghana has also cautioned foreign exchange market players to strictly adhere to the applicable forex market regulations and guidelines.

 

 

 

 

 

 

 

 

 

 

 

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