Bank of Ghana Suspends Consolidated Bank Ghana’s Forex Trading License for One Month

The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading License of Consolidated Bank Ghana (CBG) for a one-month period, starting November 26, 2024. The BoG’s decision, based on Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), was due to CBG’s repeated violations of foreign exchange regulations.

In a statement issued on November 12, BoG explained that CBG had breached various regulatory guidelines, including the 2023 “Guidelines for Inward Remittance Services for Payment Service Providers” and the 2022 “Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline.”

The BoG indicated that the suspension will be lifted after one month if CBG demonstrates effective controls to ensure compliance with foreign exchange regulations. The Central Bank also reminded all forex market participants to adhere strictly to applicable regulations and guidelines.