CBG Assures Customers Forex Licence Suspension Won't Affect Core Business Functions

• The Consolidated Bank Ghana (CBG) has allayed the fears of agitated customers following the suspension of the bank's forex licence
• The bank said despite the forex licence suspension, all other services are available at all the bank's banking halls and digital platforms
• CBG assured clients that it is collaborating with the Central Bank to address the issues and remedy them by the end of the one month

Consolidated Bank Ghana (CBG) has responded to the Bank of Ghana’s decision to suspend its foreign exchange licence amid concerns that it breached market regulations.

CBG, in a press statement on Thursday, November 14, 2024, assured customers that the Bank of Ghana’s sanctions would not affect their core banking operations.

CBG said all of its bank branches and digital platforms would remain fully functional throughout the period of its sanctions.

It noted that the only service that would be affected by the licence suspension would be its foreign exchange products and services.

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CBG assured clients that it is collaborating with the Central Bank to address issues and remedy the situation by the end of the one-month period.

The bank said it was hopeful its licence would be restored by the end of the suspension period and urged customers to remain calm.

CBG lastly apologised to customers for any inconvenience caused and reaffirmed its commitment to maintaining the highest standards of operational compliance with market regulation.

BoG suspends CBG’s licence

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 press release on Tuesday, November 12, 2024.

According to the Central Bank, the suspension followed the CBG’s alleged breach of several foreign exchange market regulations. The suspension was thus in accordance with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723) of the 1992 constitution.

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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.

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 follow the applicable forex market regulations and guidelines strictly.

BoG to commission new headquarters

YEN.com.gh reported that the Bank of Ghana will commission the controversial new headquarters building on November 20.

The planned project to erect a complex, reportedly costing as much as $250 million, attracted criticism over the past year.

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

Source: YEN.com.gh