Consolidated Bank Ghana (CBG) has assured customers and the general public that the recent suspension of its Foreign Exchange License (FEL) will not impact its core banking operations. The bank remains fully operational, delivering the full range of its regular banking services while complying with the Bank of Ghana’s directive on the FEL suspension.
In a statement, CBG expressed its commitment to addressing the issues highlighted by the Bank of Ghana and to swiftly restoring its foreign exchange services. “We believe the concerns raised in the notice can be swiftly resolved and are committed to working closely with the Bank of Ghana to ensure compliance. We want to reassure our valued customers that this suspension does not affect CBG’s normal banking operations,” the statement emphasized.
The bank further clarified that all other services, except for those specifically related to foreign exchange, remain available across its branches and digital platforms. “We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana or upon the expiration of the suspension period,” the bank added.
CBG also apologized for any disruptions caused by the temporary suspension, affirming its dedication to compliance and operational standards. “We apologize unreservedly for any inconvenience this situation may have caused and reaffirm our dedication to maintaining the highest standards of operational compliance across all aspects of our business,” the statement concluded.
Background
The Bank of Ghana (BoG) suspended CBG’s Foreign Exchange Trading License on November 26, 2024, for one month, citing multiple breaches of foreign exchange market regulations. These included violations related to the Updated Guidelines for Inward Remittance Services (November 2023) and the Anti-Money Laundering/Combating the Financing of Terrorism & The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline (December 2022).
According to the BoG, the suspension aims to ensure CBG enhances its internal controls to fully comply with foreign exchange regulations. The license is expected to be reinstated following the suspension period, provided CBG demonstrates adherence to these standards.
The Bank of Ghana has also reminded all players in the foreign exchange market of the importance of strict compliance with the country’s forex regulations to maintain stability and integrity in the market.
Story by:Mercy Addai Turkson
