The Bank of Ghana has announced the suspension of the Foreign Exchange trading license for Consolidated Bank Ghana (CBG), effective November 26, 2024, for one month.
This decision, in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), follows several breaches of foreign exchange regulations and updated guidelines related to inward remittance services and anti-money laundering protocols.
The suspension will remain in effect until the Bank of Ghana is satisfied that CBG has implemented effective controls to comply with foreign exchange market regulations.
The central bank has also issued a warning to all foreign exchange market participants to adhere strictly to applicable regulations and guidelines 178.
Source: www.kumasimail.com /Kwadwo Owusu
