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Consolidated Bank Ghana (CBG) has resumed its foreign exchange trading operations following the lifting of a month-long suspension of its forex trading license by the Bank of Ghana (BoG).
The suspension, effective November 26, 2024, was imposed due to several regulatory breaches identified in CBG’s foreign exchange activities. The Bank of Ghana cited violations of market regulations in a statement issued on November 12, 2024, referencing Section 11(2) of the Foreign Exchange Act, 2006 (Act 723) as the basis for its action.
CBG announced on Friday, December 6, 2024, that it had resolved the compliance issues in collaboration with the BoG, leading to the reinstatement of its foreign exchange trading license on December 4, 2024.
“We are pleased to announce that the Bank of Ghana has restored our foreign currency trading license effective December 4, 2024. All foreign currency services have fully resumed across our branches,” CBG stated.
The bank also reassured customers that it is once again offering its full range of foreign exchange services, including the buying and selling of foreign currencies, at all its branches nationwide.
“We regret any inconvenience the suspension may have caused our valued customers and deeply appreciate your patience and continued trust,” CBG added.
Looking forward, CBG emphasized its dedication to delivering a secure and distinctive banking experience while ensuring full adherence to regulatory standards. The bank reaffirmed its commitment to maintaining the trust of its customers and upholding the highest compliance practices in all its operations.
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