Foreign currency services restored at CBG as trading licence reinstated

Consolidated Bank Ghana (CBG) has announced that the Bank of Ghana (BoG) has reinstated its foreign currency trading license, effective December 4.

This development allows CBG to fully resume foreign exchange services at all branches nationwide, providing customers with a seamless experience for buying and selling foreign currencies.

In its statement, CBG highlighted its commitment to compliance and noted that the license reinstatement followed weeks of close collaboration with the BoG to meet all requirements.

“We sincerely regret any inconvenience the suspension may have caused and deeply appreciate the patience and trust of our customers,” the bank stated.

CBG assured its clients of its dedication to offering a secure, simplified, and exceptional banking experience while adhering to strict regulatory standards.

With the restoration of its foreign exchange services, CBG reaffirms its position as a key contributor to Ghana’s financial sector.

The Bank of Ghana initially suspended CBG’s foreign exchange trading license on November 26, 2024, for one month under section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

The suspension was due to violations of foreign exchange regulations, the Updated Guidelines for Inward Remittance Services for Payment Service Providers (issued November 2023), and the Anti-Money Laundering/Combating the Financing of Terrorism & Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline for Accountable Institutions in Ghana (dated December 2022).

According to the BoG, the license would only be restored once the bank demonstrated effective measures to ensure compliance with foreign exchange regulations.

The central bank also reminded all market participants to strictly adhere to the applicable regulations and guidelines governing the forex market.