The Bank of Ghana has suspended the foreign exchange trading license of Consolidated Bank Ghana (CBG) for one month, starting Nov. 26, citing multiple regulatory breaches.

In a statement, the central bank said the decision is in line with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723).

The suspension follows violations of the country’s foreign exchange market regulations, guidelines for inward remittance services updated in November 2023, and anti-money laundering (AML) guidelines issued in December 2022, which target the financing of terrorism and the proliferation of weapons of mass destruction.

The Bank of Ghana said it would reinstate CBG’s foreign exchange trading license at the end of the suspension period if the bank demonstrates improved regulatory controls and strict compliance with forex regulations.

The central bank further warned all market players to adhere closely to foreign exchange regulations and guidelines.