Consolidated Bank Ghana (CBG) has resumed foreign exchange transactions at all its branches, effective December 4, 2024, after its foreign currency trading licence was reinstated by the Bank of Ghana (BoG).
In a press statement issued on December 5, CBG announced that the BoG had restored its licence after a month-long suspension. The suspension, imposed in line with Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723), occurred due to several breaches of the foreign exchange market regulations.
The BoG had indicated that the suspension would be lifted once CBG implemented effective controls to ensure compliance with market regulations. Over the past few weeks, CBG collaborated closely with the BoG to address all regulatory concerns, which led to the reinstatement of its licence.
CBG assured customers that its full range of foreign exchange services—including buying and selling of foreign currencies—are now available at all branches nationwide. The bank also expressed regret for any inconvenience caused during the suspension, thanking customers for their patience and trust.
CBG emphasized its commitment to offering a secure and customer-centric banking experience while maintaining strict adherence to regulatory guidelines. The breaches in question were related to BoG’s “Updated Guidelines for Inward Remittance Services for Payment Service Providers” issued in November 2023 and the “AML/CFT&P Guideline” for accountable institutions, dated December 2022, which prompted BoG’s action.
