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BoG suspends foreign exchange trading licence of CBG

The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of Consolidated Bank Ghana (CBG), with effect from November 26, 2024, for a period of one month.

This, the central bank ex­plained, is in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

“This is as a result of a num­ber of breaches of the foreign exchange market regulations, 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 Bank of Ghana”, a statement issued by the BoG in Accra on Tuesday disclosed.

According to the statement, the licence would be restored at the end of the one-month suspension period once the BoG was satisfied that CBG had put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

The BoG in the statement, cautioned foreign exchange mar­ket players to adhere strictly to the applicable forex market regula­tions and guidelines.

 BY TIMES REPORTER

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