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
-
Does the Police law empower police to run a broadcasting service?
42 mins -
GFA dissolves Black Stars Management Committee after AFCON qualification disappointment
43 mins -
The Thomas Partey Tournament: Empowering Ghana’s Youth through football
1 hour -
Nana Akomea calls for public inquiry into ‘expired rice’ saga
2 hours -
Maintain Otto Addo despite AFCON 2025 no-show – Nana Akomea advises GFA
2 hours -
GFA issues apology to Ghanaians for Black Stars failure to qualify for AFCON 2025
2 hours -
Nautyca releases new single ‘Nalani’
2 hours -
Ablakwa slams Chief of Staff for ‘whitewashing’ ‘expired rice’ for SHS scandal
2 hours -
Regulators of financial institutions urged to develop policy framework for climate financing
3 hours -
Akufo-Addo: New BoG HQ to enhance reform capacity and investment climate
3 hours -
DRIP initiative improves over 80km of roads in Greater Accra, says RCC
3 hours -
Akufo-Addo to commission over 80 educational projects today
3 hours -
Police to set up Election Task Force Briefing Centre for 2024 polls
3 hours -
AFCON 2025: GFA to apologise to Ghanaians for Black Stars failure
3 hours -
Justice Yonny Kulendi urges Accra Business School graduates to lead with integrity
3 hours