CBG Has Not Been Sold; It Belongs Solely To Government – MOF Assures

The Ministry of Finance (MoF) has strongly denied reports circulating on social media claiming that Consolidated Bank Ghana (CBG) Limited has been sold to a foreign investor.

In a press statement released on Wednesday, 18 September, the ministry labeled the claims as “entirely false and misleading.” The statement emphasized that CBG remains wholly owned by the state and continues to operate as a fully licensed universal bank under the supervision of the Bank of Ghana.

“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,” the MoF clarified, stressing that the government has not sold the bank.

The ministry reassured the public of CBG’s sound financial standing, dismissing rumors suggesting that customers’ deposits were at risk. According to the MoF, the government has strengthened the bank’s capital over the past two years as part of the Ghana Financial Sector Strengthening Strategy (GFSSS), supported by the International Monetary Fund (IMF). These measures were undertaken to protect indigenous financial institutions and safeguard jobs, especially following the Domestic Debt Exchange Programme (DDEP).

The statement further urged the public to disregard the false reports and advised relying on official government communication channels for accurate information concerning CBG.

“There is no cause for concern regarding the security of customers’ deposits or the bank’s operational integrity,” the ministry affirmed.

Source: GhanaFeed.Com