Consolidated Bank Ghana (CBG) has assured customers that the suspension of its foreign exchange license will not disrupt its core banking operations.
The bank confirmed that all branches and digital platforms remain fully operational, urging customers to remain calm.
The Bank of Ghana (BoG) imposed a one-month suspension of CBG’s forex license, effective November 26, due to multiple violations of market regulations.
In a statement, CBG assured customers it is working closely with the BoG to address the issues and aims to have the license restored by the end of the suspension period.
“We want to reassure our valued customers that this suspension does not impact on CBG’s normal banking operations. Except for foreign exchange products and services, all our branches and digital platforms will continue providing customers with our full range of services. We fully expect to restore foreign exchange products after our engagement with the Bank of Ghana”, the statement mentioned.
CBG apologized to customers for any inconvenience caused by the suspension, adding that it is committed to maintaining the highest standards of operational compliance.
The Central Bank announced that the licence will be restored at the end of the one-month suspension period, provided that CBG implements effective controls to ensure strict adherence to foreign exchange market regulations.
The BoG cautioned all foreign exchange market participants to comply strictly with the applicable forex market regulations and guidelines.
