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The Bank of Ghana has suspended the foreign exchange trading license of Consolidated Bank Ghana (CBG)<\/strong> effective 26th November 2024, for one month. <\/p>\n This move is in line with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).<\/p>\n The suspension highlights the Bank of Ghana\u2019s commitment to enforcing foreign exchange regulations and anti-money laundering policies. <\/p>\n Violations by financial institutions can impact currency stability, contribute to financial crimes, and hinder Ghana\u2019s economic progress.<\/p>\n \u2022 Reasons for suspension<\/strong>: The suspension stems from breaches of foreign exchange market regulations, recent guidelines for inward remittance services (November 2023), and anti-money laundering directives targeting terrorism financing and the proliferation of weapons.<\/p>\n \u2022 Conditions for reinstatement<\/strong>: CBG\u2019s license will be restored at the end of the suspension period if the bank demonstrates adherence to foreign exchange regulations through effective control measures.<\/p>\n The Bank of Ghana has cautioned all forex market players to strictly comply with forex market regulations to prevent similar enforcement actions in the future.<\/p>\nWhy it matters<\/h2>\n
The details<\/h2>\n
What\u2019s next<\/h2>\n
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