Consolidated Bank Ghana (CBG) has announced the resumption of foreign exchange transactions across all its branches following the restoration of its foreign currency trading license by the Bank of Ghana (BoG).
In a statement released in Accra on Monday, the Bank confirmed that it had worked closely with the regulator to address all compliance requirements, leading to the reinstatement of its license.
“Customers can now access our comprehensive foreign exchange services, including the buying and selling of foreign currencies, at all CBG branches nationwide,” the statement read. The Bank expressed regret for any inconvenience caused during the suspension and thanked customers for their patience and trust.
CBG reaffirmed its commitment to delivering a secure and seamless banking experience while ensuring strict compliance with regulatory standards.
Background
The Bank of Ghana suspended CBG’s Foreign Exchange Trading License last month for one month under Section 11 (2) of the Foreign Exchange Act, 2006 (Act 723). The suspension was due to breaches of foreign exchange market regulations.
The central bank had stated that the license would be restored after the suspension period, provided CBG implemented effective controls to ensure compliance with market regulations.
With the license now reinstated, CBG looks forward to continuing its foreign exchange operations and strengthening its relationship with customers across the country.