BoG restores CBG’s Foreign Currency Trading license

The Consolidated Bank Ghana (CBG) has announced that the Bank of Ghana (BoG) has restored its foreign currency trading license, effective December 4, 2024. This development allows CBG to fully resume all foreign exchange services at its branches nationwide.

In a statement, CBG expressed its appreciation to the Bank of Ghana for its cooperation and support during the process of addressing regulatory requirements. “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 stated.

Full resumption of services

With the license reinstated by the Bank of Ghana, customers can now access CBG’s full suite of foreign exchange services, including buying and selling of foreign currencies, across all branches.

The bank apologized for any inconvenience caused during the period of suspension and thanked its customers for their patience and continued trust.

A commitment to excellence and compliance

CBG reaffirmed its commitment to providing secure and seamless banking experiences while maintaining compliance with regulatory standards. “At CBG, we value all our stakeholders and remain committed to delivering simple, secure, and differentiated banking services,” the statement added.

The restoration of the foreign currency trading license by the Bank of Ghana underscores the regulator’s confidence in CBG’s operational reforms and its role in Ghana’s financial landscape. This move is expected to bolster the bank’s capacity to serve its customers effectively while adhering to compliance standards.

The Bank of Ghana suspended CBG’s foreign currency trading license earlier this year as part of a broader effort to ensure strict adherence to regulatory guidelines governing the financial sector. The suspension, though temporary, was reportedly related to lapses in compliance with BoG’s foreign exchange trading policies.

While specific details of the lapses were not disclosed, the central bank emphasized the need for all licensed banks to uphold transparency, proper documentation, and operational rigor in foreign currency transactions. The suspension was part of BoG’s intensified scrutiny of the foreign exchange market to promote economic stability and curb potential regulatory breaches.

Efforts toward compliance

CBG noted that it had taken proactive measures to address the concerns raised by the regulator, working closely with BoG to rectify all compliance issues. “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 stated.

The bank reaffirmed its commitment to maintaining strict adherence to regulatory standards moving forward.

Resumption of services

With the restoration of the license, CBG has resumed its comprehensive range of foreign exchange services, including buying and selling of foreign currencies, across its branches nationwide. The bank assured customers of the availability of these services and expressed gratitude for their understanding during the suspension period.

“We regret any inconvenience the suspension may have caused to our valued customers and deeply appreciate your patience and continued trust,” the bank said in a statement.

Strengthening customer confidence

CBG emphasized its unwavering dedication to delivering simple, secure, and customer-focused banking experiences. The restoration of the license signifies not only compliance with regulatory requirements but also the bank’s readiness to continue serving as a trusted partner to its customers.

The Bank of Ghana’s decision to reinstate the license underscores its confidence in CBG’s commitment to operational excellence and adherence to the standards required for Ghana’s banking sector. This move is expected to enhance customer confidence and bolster the bank’s role in the country’s financial ecosystem. The resumption of services also comes at a crucial time, as businesses and individuals increasingly rely on seamless access to foreign exchange services for trade, travel, and other needs. CBG’s renewed operations will contribute to meeting these demands while ensuring compliance with BoG’s policies