BoG restores CBG's foreign currency trading licence, fully resumes all foreign currency services

The Bank of Ghana (BoG) has reinstated the foreign currency trading license of Consolidated Bank Ghana (CBG), effective December 4, 2024.

This development means that CBG has fully resumed all foreign currency services at its branches nationwide.

In November 2024, the Bank of Ghana temporarily suspended CBG's foreign exchange trading license for a period of one month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723). The suspension followed several breaches of foreign exchange market regulations by the bank.

The BoG had stated that the license would be restored at the end of the one-month suspension period, contingent upon CBG demonstrating that it had implemented effective measures to comply with foreign exchange regulations.

With the restoration of its license, CBG has confirmed that customers can now access its full range of foreign exchange services, including the buying and selling of foreign currencies, at all CBG branches across the country.

In a statement, CBG expressed gratitude for the opportunity to resume foreign currency services and noted, “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 license.”

The bank also apologized for any inconvenience caused by the suspension and thanked its customers for their patience and continued trust. “At CBG, we value all our stakeholders and remain committed to providing our cherished customers with a simple, secure, and differentiated banking experience while ensuring regulatory compliance,” the statement concluded.