The Bank of Ghana has suspended Consolidated Bank Ghana’s (CBG) Foreign Exchange Trading Licence.
The suspension is effective November 26, 2024, and will last for one month.
A statement issued by the Central Bank cited Section 11(2) of the Foreign Exchange Act, 2006 (Act 723) as the basis for this decision.
The statement issued today, Tuesday, November 12, 2024, said the suspension was prompted by multiple violations of 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 the Bank of Ghana.”
According to the BoG, the license will be restored at the end of the one-month suspension period, provided that CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
The bank has also cautioned all foreign exchange market participants to comply strictly with the applicable forex market regulations and guidelines.
By: Rainbowradioonline.com/Ghana
