Suspension of Foreign Exchange Licence does not affect normal banking operations – CBG

Consolidated Bank Ghana (CBG) has assured customers that the suspension of its Foreign Exchange Licence by the Bank of Ghana (BoG) does not affect its general banking operations.

The suspension, effective November 26, 2024, for one month, was due to regulatory breaches related to foreign exchange, remittance guidelines, and anti-money laundering standards.

CBG stated that all other banking services remain operational and expressed confidence in quickly resolving the issues with BoG. The bank expects to restore its foreign exchange services after engaging with BoG or at the end of the suspension.

BoG reiterated the importance of strict adherence to forex regulations, emphasizing the need for effective controls in the market. CBG apologized for any inconvenience caused and affirmed its commitment to compliance.