The Bank of Ghana (BoG) has 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.
Latest Stories
-
Power challenges persist due to government’s mismanagement of revenues – Okudzeto Ablakwa
6 mins -
Jordan Ayew injury not as bad as feared – Leicester City boss
15 mins -
Stonebwoy heads to North America for UP & RUNNIN6 tour
16 mins -
FDA explains extension of best-before date for ‘expired’ rice
21 mins -
Rebecca Akufo-Addo, Mahama storm Akuapem North as NPP NDC slugs it out
23 mins -
Fatawu’s injury a big blow for us – Leicester City manager
34 mins -
No MC has influenced pop culture in 2024 more than me – Portfolio
36 mins -
Kpando NCCE holds dialogue for Parliamentary Candidates
51 mins -
Bawumia solicits support of CSOs to tackle ‘entrenched interests’ in corruption fight
54 mins -
I’m looking forward to working with CSOs, research institutions; they have a lot to offer – Bawumia
57 mins -
The former illegal miner who became valedictorian: Eliasu Yahaya Bansi’s KNUST journey
1 hour -
Prof Opoku-Agyemang slams gov’t over supply of ‘expired’ rice to Senior High Schools
1 hour -
‘Expired rice’: FDA fines Lamens Investments GH¢100k for regulatory violations
1 hour -
No student has been served unwholesome meals – Nana Boakye
2 hours -
Galamsey has left our river deities powerless – Fetish Priest laments
2 hours