Ghana: CBG Pledges Cooperation with BoG to Address Forex Trading Suspension

Consolidated Bank Ghana (CBG) has affirmed its commitment to working closely with the Bank of Ghana (BoG) to address the concerns that led to the temporary suspension of its foreign exchange trading license.

In a statement issued on Thursday to the Ghana News Agency, CBG expressed confidence in resolving the issues promptly.

“We believe the concerns raised in the notice can be swiftly resolved and are committed to working closely with the Bank of Ghana to ensure compliance,” the statement said.

Assurance to Customers

CBG reassured its customers that the suspension would not affect its core banking operations.

“This suspension does not impact CBG’s normal banking operations. Except for foreign exchange products and services, all our branches and digital platforms will continue providing customers with our full range of services,” the bank emphasized.

The statement further noted that CBG expects to reinstate its foreign exchange services following engagement with the BoG or upon the expiration of the one-month suspension period.

Apology and Commitment

CBG apologized to customers for any inconvenience caused by the suspension and reiterated its dedication to compliance and operational excellence.

“We apologize unreservedly for any inconvenience this situation may have caused and reaffirm our dedication to maintaining the highest standards of operational compliance across all aspects of our business.”

The bank also highlighted its commitment to delivering a simple, secure, and differentiated banking experience to its stakeholders.

Background

The Bank of Ghana announced the suspension of CBG’s foreign exchange trading license effective November 26, 2024, citing breaches of Section 11(2) of the Foreign Exchange Act, 2006 (Act 723). The suspension is set to last for one month, with restoration contingent upon the bank implementing measures to ensure regulatory compliance.

CBG’s proactive response underlines its determination to align with the central bank’s regulations and restore full operational capacity in the forex market.