Consolidated Bank Ghana resumes foreign exchange transactions after B0G suspension

Consolidated Bank Ghana (CBG) has announced commencement of foreign exchange transactions at all branches, effective December 4, 2024.

The bank in a press statement, issued Friday December 5, said the resumption followed the restoration of its foreign currency trading licence by the Bank of Ghana (BoG).

Last month, the BoG announced suspension of the Foreign Exchange Trading Licence of CBG for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

The holdup, BoG said, was “as a result of a number of breaches of the foreign exchange market regulations,” adding that the licence would be restored “at the end of the one-month suspension period” once it was satisfied that CBG had “put in place effective controls to ensure strict adherence to the foreign exchange market regulations.”

CBG said it had worked over the past weeks, with the regulator, to address all regulatory requirements, resulting in the restoration of the foreign currency trading licence.

“Customers can now access our comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide.

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

CBG said it remained committed to providing customers “simple, secure and differentiated banking experience, while ensuring regulatory compliance.”

The BoG regulations breached were the “Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023.

Others were 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 came to the attention of BoG.

Source: GNA