The management of Consolidated Bank Ghana Limited (CBG) has denied rumors suggesting the sale of the bank. In an official statement, the CBG emphasized that the Government of Ghana remains its sole shareholder, assuring the public of the bank’s operational stability.
Ownership remains with the government of Ghana
“There has been no change in the ownership of the bank, and the Government of Ghana remains the sole shareholder,” the statement said. The bank dismissed reports of its sale as false and misleading, reassuring customers that their deposits are safe.
No cause for concern
CBG assured its customers and the public that there is no cause for concern regarding the bank’s operations. “The bank continues to deliver exceptional customer service and innovative products. As the SME Bank of choice, we value the trust placed in us by our customers, and we assure them that their funds are secure.”
Official communication channels
The bank urged the public to rely on official communication channels for any updates or information, reiterating the importance of avoiding false speculations.
Ministry of Finance’s rebuttal
The Ministry of Finance (MoF) also issued a statement refuting claims of the bank being sold to a foreign investor. “CBG remains a state-owned bank after it was converted from a bridge bank into a universal bank and licensed by the Bank of Ghana.”
CBG’s role in government’s strategy
The ministry further noted that CBG plays a crucial role in supporting indigenous businesses and the SME sector as part of the government’s strategy to drive economic growth. In the past two years, the government has taken steps to bolster the bank’s capital and make it more resilient post the Domestic Debt Exchange Programme (DDEP).
Support for indigenous financial institutions
“This support is aimed at preserving jobs and preventing the collapse of indigenous financial institutions,” the ministry explained. It assured the public that CBG is in a sound financial position, with no concerns about customer deposits or operational integrity.
Financial sector stability
The Ministry of Finance also emphasized its commitment to working with all regulators to ensure the stability of Ghana’s financial sector.
