CBG resumes foreign exchange operations following BoG suspension

Consolidated Bank Ghana (CBG) has announced the resumption of its foreign exchange trading operations after the Bank of Ghana (BoG) lifted its suspension of the bank’s forex trading license.

The suspension, which took effect on November 26, 2024, was imposed for one month following several regulatory breaches identified in CBG’s foreign exchange operations.

In a statement issued on November 12, 2024, the Bank of Ghana cited violations of market regulations and stated that the suspension was in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).

CBG confirmed in a statement on Friday, December 6, that it had worked closely with the BoG to resolve all compliance issues, leading to the restoration of its forex trading licence on December 4, 2024.

“CBG is pleased to announce that the Bank of Ghana (BoG) has restored our foreign currency trading licence effective December 4, 2024. We have therefore fully resumed all foreign currency services at our branches effective that date,” the statement read.

The bank assured customers that it is now able to offer its full range of foreign exchange services, including buying and selling of foreign currencies, at all branches across the country.

“We regret any inconvenience the suspension may have caused to our valued customers and deeply appreciate your patience and continued trust,” CBG added.

The bank reiterated its commitment to providing a secure and differentiated banking experience, while ensuring full compliance with regulatory standards.