Bank of Ghana Suspends CBG's Forex Trading Licence Over Market Regulation Breaches

• The Bank of Ghana (BoG) has suspended the forex trading licence of the Consolidated Bank of Ghana (CBG)
• The BoG stated that the CBG had flouted several market regulation breaches such as anti-money laundering laws
• The Central Bank said the suspension would be lifted at the end of a 30-day period after it remedies the situation

The Consolidated Bank of Ghana (CBG) 's forex trading licence has been suspended for one month starting November 26, 2024.

This was contained in a Bank of Ghana release on Tuesday, November 12, 2024.

According to the Central Bank, the suspension follows the CBG’s breach of several foreign exchange market regulations.

The suspension is thus in accordance with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723) of the 1992 constitution.

In the notice signed by Sandra Thompson, Secretary of the Bank of Ghana, the Central Bank noted that CBG’s licence would be reinstated at the end of the one month if it satisfies the requirements detailed by the BoG.

Read also

Bank of Ghana to commission new alleged $250 million headquarters on November 20

These requirements include the institution of effective controls to ensure strict adherence to the foreign exchange market regulations.

The Central Bank also urged foreign exchange market players to strictly follow the applicable forex market regulations and guidelines.

GTB, FBNBank Ghana licences suspended

Early this year, the Bank of Ghana also suspended the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited.

The two institutions, according to the BoG, had breached several market regulations.

The Central Bank accused the banks of engaging in activities including fraudulent documentation in their foreign exchange operations.

The suspension was in accordance with section 11(2) of the Foreign Exchange Act 2006 (Act 723).

The suspension took effect on March 18, 2024, and lasted 30 days.

The licences were restored at the end of the suspension period once the BoG was satisfied with the controls instituted to ensure strict adherence to the foreign exchange market regulations.

Read also

C.Africa urges lifting of embargo on diamond exports

BoG releases list of unapproved MTOs

YEN.com.gh reported that the Bank of Ghana had released a list of unapproved Money Transfer Organisations (MTOs).

The BoG said the listed organisations operating within Ghana's remittance and forex market did not have approval.

The central bank warned financial institutions against engaging with the blacklisted firms, including Wise.

Proofread by Bruce Douglas, senior copy editor at YEN.com.gh

Source: YEN.com.gh