Consolidated Bank Ghana (CBG) has announced the restoration of its foreign currency trading license by the Bank of Ghana (BoG), effective December 4.

This development marks the full resumption of foreign exchange services at all CBG branches nationwide, offering customers a seamless experience in buying and selling foreign currencies.

In a statement, CBG emphasised its commitment to regulatory compliance, noting that the reinstatement followed weeks of close collaboration with the regulator to address all necessary requirements.

“We regret any inconvenience the suspension may have caused to our valued customers and deeply appreciate your patience and continued trust,” the bank stated.

CBG reassured customers of its dedication to providing a simple, secure, and differentiated banking experience while maintaining strict adherence to regulatory standards.

The bank’s comprehensive foreign exchange services are now fully operational, reaffirming its role as a key player in Ghana’s financial sector.

Background

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