Consolidated Bank Ghana (CBG) is facing a temporary suspension of its foreign exchange trading license by the Bank of Ghana (BoG) starting November 26, 2024. This decision was made in accordance with Section 11(2) of the Foreign Exchange Act 2006 (Act 723) due to multiple breaches of forex exchange market regulations by CBG .
However, there’s a silver lining; CBG’s license will likely be restored after the stipulated one-month suspension period if they can demonstrate compliance with all requirements .This suspension serves as a reminder of the importance of adhering to regulatory guidelines in the financial sector.
