Business
BoG Suspends CBG Forex License Over Breaches
The Bank of Ghana (BoG) has suspended the foreign exchange trading license of Consolidated Bank Ghana (CBG) for one month, effective from November 26, 2024. This action was taken due to multiple breaches of foreign exchange market regulations, including violations of guidelines for inward remittance services and anti-money laundering directives aimed at combating the financing of terrorism and the proliferation of weapons of mass destruction.
The license will be reinstated once BoG is satisfied that CBG has implemented effective controls to ensure strict adherence to these regulations. This move underscores BoG’s commitment to enforcing compliance with financial regulations in Ghana’s forex market.
By this statement, the Bank of Ghana cautions foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.
