CBG resumes foreign exchange operations following BoG suspension
CBG (Commercial Bank of Ghana) has resumed foreign exchange operations after a brief suspension imposed by the Bank of Ghana (BoG). This resumption comes after the BoG's intervention in response to irregularities and concerns regarding compliance with foreign exchange regulations. The suspension, which began in the middle of 2024, was intended to ensure that financial institutions operated in accordance with the regulatory framework, maintaining transparency and stability in the country's foreign exchange market.
During the suspension, CBG worked closely with the Bank of Ghana to address the concerns raised. The BoG emphasized the importance of ensuring that all transactions adhered to the established guidelines, particularly regarding the management of foreign exchange reserves and the proper handling of cross-border transactions. CBG took immediate steps to rectify the issues and implement corrective measures to align with the regulatory expectations.
The resumption of foreign exchange operations marks a significant moment for CBG, signaling that the necessary improvements and adjustments have been made. Customers of the bank can now once again access foreign exchange services, which are crucial for individuals and businesses engaged in international trade, travel, and investment. The suspension had caused some disruption, especially for businesses relying on stable foreign exchange transactions to carry out imports and exports. However, with the resumption, CBG aims to restore confidence among its customers and contribute to the overall stability of the Ghanaian economy.
The Bank of Ghana's actions underscore the central bank’s commitment to maintaining a stable and efficient foreign exchange market. By enforcing compliance with regulations, the BoG ensures that the financial sector operates within the parameters that protect the interests of both consumers and the broader economy. For CBG, resuming foreign exchange operations is an opportunity to rebuild its reputation and continue supporting the financial needs of its clients while contributing to the growth of Ghana's economy.