CBG assures customers of continued banking services amid forex licence suspension

THE Consolidated Bank Ghana (CBG) has assured its customers that normal banking operations remain unaffected following the temporary suspension of its Foreign Exchange Trading License by the Bank of Ghana (BoG).

According to the bank, both its physical branches and digital platforms remain fully operational offering access to all banking services except foreign exchange-related products.

“We want to reassure our valued customers that this suspension does not impact on CBG's normal banking operations. 

Except for foreign exchange products and services, all our branches and digital platforms will continue providing customers with our full range of services,” a statement issued by CBG said.

The bank expressed confidence in a swift resolution of the matter, indicating that foreign exchange services would resume either after successful engagement with the regulator or on expiry of the suspension period.

The bank apologised to customers for any inconvenience the situation may have caused and reaffirmed its dedication to maintaining the highest standards of operational compliance across all aspects of our business.

“We value all our stakeholders and remain committed to providing our cherished customers with a simple, secure and differentiated banking experience,” it added.

Background 

The Bank of Ghana (BoG) suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG), with effect from November 26, 2024, for a period of one month.

This, the central bank explained, is 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 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 & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Accountable Institutions in Ghana dated December 2022, which have come to the attention of Bank of Ghana”, a statement from the BoG said.

According to the statement, the licence will be restored at the end of the one-month suspension period once BoG is satisfied that CBG has put in place effective controls to ensure strict adherence to the foreign exchange market regulations.

BoG cautioned foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines.