BoG has suspended the Foreign Exchange Trading License of CBG for a period of one month, effective on November 26, 2024 in accordance with section 11(2) of the Foreign Exchange Act, 2006(Act 723).
“This is as a result of a number of breaches of the the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023 and the Anti-Money Laundering /Combating the Financing of Terrorism and The Proliferation of Weapons of Mass Destruction(AML/CF&P) Guideline, for Accountable Institutions in Ghana dated December 2022, which have come to the attention of the Bank of Ghana.”
According to BoG the bank’s licence will be restored after the necessary controls and strict adherence to the foreign exchange regulations has been put in place in the stipulated one month period.
BoG has thereby cautioned foreign exchange market players to observe the applicable forex market regulations and guidelines.
Michelle Addiah-Hamilton