Finance Ministry Denies Sale of Consolidated Bank Ghana to Foreign Investor
The Ministry of Finance has refuted claims that Consolidated Bank Ghana (CBG) has been sold to a foreign investor, in a statement released on Wednesday, September 18, dismissing the reports as “false and misleading.”
The Ministry emphasized that CBG remains entirely state-owned, having transitioned from a bridge bank into a universal bank licensed by the Bank of Ghana. “We wish to state that CBG has not been sold, and these reports are entirely without basis,” the statement said.
As a key policy bank, CBG remains integral to the government’s broader economic strategy, particularly in its efforts to support local enterprises and the SME sector.
Over the past two years, the government has undertaken measures to bolster CBG’s capital, following the Domestic Debt Exchange Programme (DDEP), as part of the Ghana Financial Sector Strengthening Strategy (GFSSS) under the auspices of the IMF.
These decisions are aimed at fortifying the resilience of the bank in the wake of the financial sector’s restructuring.
“The government’s capital support to CBG seeks to prevent the erosion of indigenous financial institutions and safeguard jobs,” the Ministry added, further stressing that the bank is in a stable financial position and that there are no concerns regarding the security of customer deposits or the bank’s operational integrity.
The Ministry urged the public to disregard these claims and cautioned against relying on unofficial reports, emphasizing that it remains committed to working with regulators to ensure the stability of the financial sector.
