The Bank of Ghana, has revoked the Foreign Exchange license of the Consolidated Bank of Ghana with effect from November 26, 2024.
The license which allowed the bank to buy and sell foreign currencies to its customers has been revoked for a period of one month due to alleged breach of the Foreign Exchange Act, by the bank. The license of CBG would be restored at the end of the one month suspension once it was satisfied that CBG had put in place effective controls to ensure strict adherence to the foreign exchange market regulations.
In a statement by the Central Bank, it attributed the decision to some breaches of the foreign exchange market regulations, including Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023.
This development, joins CBG to the list of financial services who have has their Foreign Exchange License revoked for a month. The recent one was remittance service, Tap-Tap Send
