Consolidated Bank has not been sold - Government

The government and management of the Consolidated Bank, Ghana Ltd. have refuted reports that the bank has been sold.

According to the management of the bank, the reports circulating on social media are false.

In a press release on September 18, 2024, they said there has been no change in the ownership of the Bank and the Government of Ghana remains the sole shareholder.

"We wish to state that reports of sale of the Bank are entirely false and misleading. There is therefore no cause for concern regarding customer deposits and the Bank’s operational integrity," the release noted.

CBG added that the Bank continues to deliver exceptional customer service and innovative products. As the SME Bank of choice, the loyalty and trust placed in us by our customers are highly appreciated.

"We assure our cherished customers that their funds are secure with the Bank and urge the public to rely on the Bank’s official communication channels for any information," it concluded.

In an adjoining statement the government 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.

It added that, 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," the statement noted.

SSD/ ADG

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