The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of Consolidated Bank Ghana (CBG) for one month, citing multiple breaches of market regulations.
Effective November 26, 2024, the suspension is based on section 11(2) of the Foreign Exchange Act, 2006 (Act 723). The central bank stated that CBG had failed to comply with a series of guidelines, including the recent “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023, as well as the “Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline” set for accountable institutions in Ghana since December 2022.
The BoG indicated that the suspension could be lifted after one month, contingent upon CBG implementing stringent controls to ensure full compliance with foreign exchange regulations.
In a broader warning to the sector, the BoG urged all foreign exchange market participants to adhere strictly to the relevant laws and guidelines.
Source:TheDotNews