By: Roselyn Gayaglo
The Consolidated Bank Ghana Limited (CBG) has dismissed widespread social media reports suggesting that the bank has been sold to a Swiss entity. In a statement, CBG refuted these claims and assured the public that there has been no change in ownership.
The bank added that it remains a fully government-owned institution. CBG emphasised that customer deposits are secure and reassured clients of the bank’s commitment to providing reliable services.
Meanwhile, the Ministry of Finance (MoF) has denied claims that Consolidated Bank Ghana (CBG) has been sold to a foreign investor. The ministry in a statement said CBG has not been sold and that the reports are entirely false and misleading. It said 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.
According to the statement , 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.
The ministry urged the public to disregard the misleading reports and rely on official communication channels for any information concerning the bank.
The Ministry of Finance says it remains resolute, working with all regulators to ensure the stability of the financial sector.
