Consolidated Bank Ghana (CBG) has assured customers that its banking services are still running as usual despite the recent suspension of its forex trading licence. The announcement of the suspension had left many customers confused and uncertain about the bank’s status, with some questioning whether CBG is still in operation.
This uncertainty has shaken trust among customers, especially those relying on the bank for foreign exchange services but the bank has clarified that all branches and digital platforms remain open, except for foreign exchange services, which are temporarily on hold.
“We want to reassure our valued customers that this suspension does not impact our normal banking operations,” the bank said in a statement. “Except for foreign exchange products and services, all our branches and digital platforms will continue providing customers with our full range of services.”
CBG expressed confidence that its foreign exchange license will be restored soon after addressing the concerns raised by the Bank of Ghana.
“We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana or on expiry of the suspension period,” the statement added.
The temporary suspension of Consolidated Bank Ghana’s (CBG) foreign exchange trading license by the Bank of Ghana (BoG) was due to multiple violations of foreign exchange market regulations.
The central bank cited breaches of compliance guidelines governing forex transactions, prompting the one-month suspension, which takes effect from November 26, 2024.
As part of the conditions for restoring the license, CBG will need to implement effective controls to ensure full compliance with the regulatory guidelines.
CBG apologized for any inconvenience caused and reaffirmed its commitment to maintaining 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 assured.
The bank also reiterated its dedication to providing a secure and seamless banking experience for its customers. CBG emphasized that it is working closely with the Bank of Ghana to resolve the issue and ensure the speedy restoration of its forex services.
