The Ministry of Finance (MoF) has firmly denied claims circulating about the sale of Consolidated Bank Ghana (CBG) to a foreign investor. This denial follows a similar dismissal from CBG itself regarding these unfounded rumours.
In a statement released on Wednesday, September 18, the Ministry clarified that the reports suggesting CBG’s sale are “entirely false and misleading.” The MoF emphasized that CBG remains fully state-owned, having been converted from a bridge bank to a universal bank and licensed by the Bank of Ghana.
The Ministry highlighted that CBG plays a crucial role as a policy bank in the government’s efforts to support indigenous businesses and the SME sector, which are vital for driving economic growth. Over the past two years, the government has taken significant measures to bolster the bank’s capital to enhance its resilience, particularly following the Domestic Debt Exchange Program (DDEP) and as part of the IMF-supported Ghana Financial Sector Strengthening Strategy (GFSSS) approved by Cabinet.
These measures are part of a broader strategy to protect indigenous financial institutions and preserve jobs within the sector. The MoF assured the public that CBG is in a sound financial position, and there are no concerns regarding the security of customer deposits or the bank’s operational integrity.
In light of the misinformation, the Ministry of Finance urged the public to disregard the misleading reports and to seek information from official communication channels. The MoF reiterated its commitment to working with regulatory bodies to maintain the stability of the financial sector and ensure that the operations of CBG continue smoothly.
The statement underscores the government’s dedication to safeguarding the financial sector and reinforcing confidence in state-owned financial institutions. The MoF’s reassurance aims to quell any concerns among customers and stakeholders about the potential impact of these false reports on CBG’s operations.
In summary, the Ministry of Finance has effectively countered the misleading claims regarding the sale of Consolidated Bank Ghana, affirming the bank’s status as a state-owned entity and its critical role in supporting the country’s economic growth and financial stability.
