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The Bank of Ghana (BoG) has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG) for one month, effective November 26, 2024. This action, grounded in section 11(2) of the Foreign Exchange Act, 2006 (Act 723), comes in response to multiple violations of foreign exchange market regulations.
In a statement issued on November 12, the BoG highlighted specific breaches, including non-compliance with the “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023 and the Anti-Money Laundering and Counter-Terrorism Financing guidelines of December 2022.
The Central Bank noted that the suspension may be lifted after the one-month period if CBG implements enhanced controls to ensure compliance with forex regulations. The BoG also reminded all forex market participants of the need for strict adherence to the relevant market rules and guidelines.
Story By: Baffour/Pinkfmonlinegh.com
