The Bank of Ghana (BoG) has restored the foreign currency trading licence of the Consolidated Bank Ghana (CBG), effective December 4, 2024.
By this development, the CBG has fully resumed all foreign currency services at its branches effectively.
You may recall that in November 2024, Bank of Ghana suspended the Foreign Exchange Trading Licence of CBG, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).
According to the BoG, this was as a result of a number of breaches of the foreign exchange market regulations amongst others.
BoG stated that the licence would be restored at the end of the one-month suspension period once it was satisfied that CBG had put in place effective
controls to ensure strict adherence to the foreign exchange market regulations.
Following the restoration of CBG’s foreign currency trading licence, it noted in a statement that customers can now access its comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide.
“Over the past weeks, we have worked closely with the regulator, to address all regulatory requirements, resulting in the restoration of our foreign currency trading licence.
“Customers can now access our comprehensive foreign exchange services, including buying and selling of foreign currencies, at all CBG branches nationwide,” CBG stated.
Meanwhile, CBG stated that it regrets any inconveniences the suspension may have caused to its valued customers, adding that it deeply appreciates the patience and continued trust of customers.
“At CBG, we value all our stakeholders and remain committed to providing our cherished customers with simple, secure and differentiated banking experience, while ensuring regulatory compliance,” CBG added.
