The Bank of Ghana has suspended the foreign exchange trading license of Consolidated Bank Ghana (CBG) effective 26th November 2024, for one month.
This move is in line with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
Why it matters
The suspension highlights the Bank of Ghana’s commitment to enforcing foreign exchange regulations and anti-money laundering policies.
Violations by financial institutions can impact currency stability, contribute to financial crimes, and hinder Ghana’s economic progress.
The details
• Reasons for suspension: The suspension stems from breaches of foreign exchange market regulations, recent guidelines for inward remittance services (November 2023), and anti-money laundering directives targeting terrorism financing and the proliferation of weapons.
• Conditions for reinstatement: CBG’s license will be restored at the end of the suspension period if the bank demonstrates adherence to foreign exchange regulations through effective control measures.
What’s next
The Bank of Ghana has cautioned all forex market players to strictly comply with forex market regulations to prevent similar enforcement actions in the future.
