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The Bank of Ghana (BoG) has restored the foreign currency trading license of the Consolidated Bank Ghana (CBG), effective December 4, 2024.<\/p>\n
By this development, the CBG has fully resumed all foreign currency services at its branches effectively.<\/p>\n
It is recalled that in November 2024, the Bank of Ghana suspended the foreign exchange trading license of CBG for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).<\/p>\n
According to the BoG, this was as a result of a number of breaches of the foreign exchange market regulations, amongst others.<\/p>\n
BoG stated that the license would be restored at the end of the one-month suspension period once it was satisfied that CBG had put in place effective
\ncontrols to ensure strict adherence to the foreign exchange market regulations.<\/p>\n
Following the restoration of CBG\u2019s foreign currency trading license, it noted in a statement that customers can now access its comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide.<\/p>\n
\u201cOver the past weeks, we have worked closely with the regulator to address all regulatory requirements, resulting in the restoration of our foreign currency trading license. Customers can now access our comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide,\u201d CBG stated.<\/p>\n
Meanwhile, CBG stated that it regrets any inconveniences the suspension may have caused to its valued customers, adding that it deeply appreciates the patience and continued trust of customers.<\/p>\n
\u201cAt CBG, we value all our stakeholders and remain committed to providing our cherished customers with a simple, secure, and differentiated banking experience while ensuring regulatory compliance,\u201d CBG added.<\/p>\n
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