The Ministry of Finance (MoF) has refuted reports that Consolidated Bank Ghana (CBG) has been sold to a foreign investor, a claim also denied by CBG earlier.
In a statement released on Wednesday, September 18, the MoF clarified that“We wish to state that CBG has not been sold and these reports are entirely false and misleading. CBG remains solely a state-owned bank after it was converted from a bridge bank into a universal bank and licensed by the Bank of Ghana.”
“CBG, as a policy bank, remains critical in the Government’s strategy of supporting indigenous businesses and the SME sector to spur economic growth. Over the past two years, the Government has taken steps to strengthen the bank’s capital to make it more resilient post the Domestic Debt Exchange Program (DDEP) under the IMF-supported Ghana Financial Sector Strengthening Strategy (GFSSS), as approved by Cabinet.
“This support is to prevent the decimation of Indigenous financial institutions and to preserve jobs. CBG therefore is in a sound financial position, and there is no cause for concern regarding the security of customers’ deposits or the bank’s operational integrity.”
The Ministry of Finance has advised the public to ignore misleading reports and instead use official communication channels for accurate information regarding the bank.
“The Ministry of Finance remains resolute, working with all regulators to ensure the stability of the financial sector,” it added.
“The Ministry of Finance remains resolute, working with all regulators to ensure the stability of the financial sector,” it added.
