Bank of Ghana Suspends Consolidated Bank Ghana’s Forex License for One Month Over Regulatory Breaches

The Bank of Ghana (BoG) has taken decisive action by suspending the forex trading license of the Consolidated Bank of Ghana (CBG) for a one-month period, starting November 26, 2024. This suspension follows multiple breaches of foreign exchange market regulations, including the recently updated Guidelines for Inward Remittance Services for Payment Providers (November 2023) and the Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana (December 2022).

BoG has stated that the forex license will only be restored once CBG establishes effective controls to ensure compliance with foreign exchange regulations. The Bank of Ghana’s notice, signed by Secretary Sandra Thompson, cautions all forex market players to adhere strictly to the country’s regulatory guidelines to avoid similar penalties.

For more details, see the attached official notice from BoG.