The Minister for Finance, Dr. Cassiel Ato Forson, has officially inaugurated a new Board of Directors for Consolidated Bank Ghana (CBG) Limited, underscoring the bank’s central role in the state’s GH₵30 billion intervention to stabilise Ghana’s financial sector following the banking crisis of 2017–2019.
At a brief swearing-in ceremony held in Accra, Dr. Forson reminded the board that CBG remains one of the most visible legacies of the state’s bailout efforts and charged the new leadership to protect the public’s investment and work toward rebuilding the bank’s capital base.
“I have assured the board of the government’s commitment to recapitalise CBG in the coming year,” Dr. Forson said.
“However, it is equally important that this board safeguards taxpayers’ money, as you have been entrusted with a crucial national asset.”
The Finance Minister also delivered a strong caution against the abuse of public funds through inflated executive salaries and excessive board allowances, a trend that has drawn increasing public scrutiny in recent years.
“Let me be clear: the era of bloated compensation packages at State-Owned Enterprises is over. This administration will not tolerate such practices,” Dr. Forson warned.
New board takes office amid recapitalisation plan
Mr. Ernest Mawuli Agbesi, a seasoned banker and former Managing Director of UT Bank, was sworn in as the new Board Chairman of CBG.
He takes over leadership at a time when the bank is poised for fresh capital injection to support its recovery and long-term sustainability.
Mr. Agbesi, in his acceptance remarks, expressed gratitude for the opportunity to serve the nation again and pledged the board’s commitment to prudent governance and performance excellence.
“We will work to restore value, trust, and growth in this institution. The board is deeply committed to contributing to the wider financial sector reforms and supporting inclusive banking services across Ghana,” he said.
Joining Mr. Agbesi on the new board are Dr. Naomi Wolali Kwetey, Managing Director, Ms. Irene Ackuaku, Member, Mr. David Adom, Member, Mr. Michael Kwasi Anyamesem, Member, Mr. Stephen Kporzih, Member, Dr. Sa-ad Iddrisu, Member, Mrs. Immaculate Kawe Kanlisi, Member and Mr. John Alexander Ackon, Member
The appointment of the new board comes at a critical time, as CBG transitions from post-crisis survival to sustainability and growth, and begins realigning itself with the broader objectives of national development.
CBG shows modest progress in 2024
Consolidated Bank Ghana posted modest financial results in 2024, indicating a slow but steady recovery from years of instability.
According to its unaudited financial statements for the 2024 fiscal year, the bank reported total assets f GH₵12.3 billion, up from GH₵11.5 billion in 2023.
Customer deposits rose to GH₵8.6 billion, reflecting a marginal increase of 4.3%.
Net interest income also recorded a 6% rise year-on-year to GH₵652 million.
Profit before tax went up to GH₵112 million, reversing a loss of GH₵94 million recorded in 2023.
Despite a challenging macroeconomic environment, including high inflation and tight liquidity conditions, the bank recorded an improvement in its cost-to-income ratio, which dropped from 89% in 2023 to 76% in 2024.
The bank’s capital adequacy ratio, however, remained below the Bank of Ghana’s minimum requirement, prompting calls for immediate recapitalisation to strengthen its regulatory standing and enable greater participation in the lending market.
CBG also expanded its digital footprint by launching new fintech-enabled banking solutions, contributing to a 16% increase in mobile-based transactions and positioning the bank as a viable player in the retail and SME banking space.
Strategic role in national financial inclusion agenda
As one of the state-owned banks born out of Ghana’s financial sector clean-up, CBG continues to play a strategic role in deepening financial inclusion, particularly among underserved populations and rural enterprises.
With more than 114 branches nationwide and an increasing presence in community-focused banking, the new board is expected to sharpen the bank’s developmental mission while gradually steering it towards commercial competitiveness.
The Finance Minister concluded the ceremony with a call for ethical leadership, discipline, and innovation.
“This bank was born out of a crisis. Now is the time for it to become a symbol of transformation and integrity in Ghana’s banking industry,” he stated.
The new board takes up its mandate amid renewed public scrutiny of state-owned banks and heightened expectations from a government that is navigating tight fiscal constraints while aiming to restore macroeconomic stability.
