The Consolidated Bank Ghana (CBG) has assured the public that the suspension of its Foreign Exchange Licence (FEL) does not affect its full banking operations.

According to the bank, its normal banking operations are ongoing as it observes the suspension by the Bank of Ghana.

“We believe the concerns raised in the notice can be swiftly resolved and are committed to working closely with the Bank of Ghana to ensure compliance. We want to reassure our valued customers that this suspension does not impact on CBG’s normal banking operations”, a statement issued by the bank said.

The statement explained that except for foreign exchange products and services, all its branches and digital platforms continue to provide customers with full range of services.

“We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana or on expiry of the suspension period”.

“We apologize unreservedly for any inconvenience this situation may have caused and reaffirm our dedication to maintaining the highest standards of operational compliance across all aspects of our business”, the statement added.

Background

The Bank of Ghana (BoG) suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), with effect from November 26, 2024, for a period of one month.

This, the central bank explained is in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

“This is as a result of a number of breaches of the 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 Bank of Ghana”, a statement from the BoG said.

According to the statement, the licence will be restored at the end of the one-month suspension period once the Bank of Ghana is satisfied that CBG has put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

The Bank of Ghana cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.