The Ministry of Finance refutes recent social media reports alleging that Consolidated Bank Ghana (CBG) has been sold to a foreign investor.
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 Government’s strategy of supporting indigenous businesses and the SME sector to spur economic growth.
Over the past two years, 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.
We urge the public to disregard these misleading reports and rely on official communication channels for any information concerning the bank.
The Ministry of Finance remains resolute, working with all regulators to ensure the stability of the financial sector.
