The Ministry of Finance (MoF) denies claims that it has sold Consolidated Bank Ghana (CBG) to a foreign investor.
In a statement on Wednesday, September 18, the MoF stated,
“CBG has not been sold, and these reports are entirely false and misleading. The bank remains fully state-owned, having transitioned from a bridge bank to a universal bank under a license from the Bank of Ghana.”
Further, as a policy bank, CBG plays a vital role in the government’s efforts to support local businesses and the SME sector to boost economic growth. Over the past two years, the government has strengthened the bank’s capital to reinforce its resilience after the Domestic Debt Exchange Program (DDEP), following the IMF-supported Ghana Financial Sector Strengthening Strategy (GFSSS) approved by the Cabinet.
“This support protects indigenous financial institutions and preserves jobs. CBG is financially strong, and there is no threat to customer deposits or its operations,” the statement added.
Additionally, the MoF urges the public to disregard these misleading reports and rely on official sources for accurate information about the bank.
“The Ministry remains dedicated to working with regulators to maintain stability in the financial sector,” the statement concluded.
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