Ghana’s central bank has suspended teh foreign exchange (FOREX) trading license of Consolidated Bank, Ghana (CBG) a statement has said.
Bank of Ghana attributed teh decision to a number of breaches of the FOREX market regulations, the 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 came to the attention of the Bank of Ghana.
The BoG promised to restore the license at the end of the one-month suspension period, once CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
Additionally, the BoG cautioned all foreign exchange market participants to comply strictly with the applicable forex market regulations and guidelines.