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The Bank of Ghana has suspended the forex trading permit of the Consolidated Bank of Ghana (CBG) for a time of one month, starting November 26, 2024.
The permit will be reestablished toward the finish of the one-month suspension period once the Bank of Ghana is fulfilled that CBG has initiated powerful controls to guarantee severe adherence to the unfamiliar trade market guidelines.
This is because of various breaks of the foreign trade market guidelines, Updated Guidelines for Inward Remittance Service for Payment Suppliers dated November 2023 and the Anti-Money Laundering/Combating the Financing of Terrorism and The Proliferation of Weapons of Mass Destruction (AML/CFT&P) Guideline, for Responsible Institutions in Ghana dated December 2022, which have come to the consideration of Bank of Ghana.
In a notification dated November 12, 2024, marked and gave by the Secretary of BoG, Sandra Thompson, the Bank of Ghana forewarned unfamiliar trade market players with comply stringently to the pertinent forex market regulations and guidelines .
Connected beneath is a duplicate of the notification
SUSPENSION OF FOREIGN TRADING LICENCE OF CONSOLIDATED BANK GHANA
Bank of Ghana has suspended the Foreign Exchanging Trade Permit of Consolidated Bank of Ghana (CBG with impact from November 26, 2024, for a perod of one (1) month, as per segment 11 (2) of the Foreign Trade Act, 2006 (Act 723).
This is because of various breaks of the Foreign trade market guidelines, Updated Guideline for Inward Remittance Service for Payment Suppliers dated November 2023 and the Anti-Money Laundering/Combating the Financial of Terrorism and The Proliferation of Weapons of Mass Destruction(AML/CFT&P) Rule, for Responsible Institution in Ghana dated December 2022, which have come to the consideration of Bank of Ghana.
The permit will be reestablished toward the finish of the one-month suspension period once the Bank of Ghana is fulfilled that CBG has set up powerful controls to guarantee severe adherence to the unfamiliar trade market guidelines.
By this assertion, the Bank of Ghana alerts Foreign trade market players with comply stringently to the relevant forex market regulation and guidelines.