Consolidated Bank Ghana LTD (CBG) marks five years since its establishment, reflecting on its journey of overcoming initial challenges to becoming a market leader in the country’s banking industry.
The Managing Director and CEO, Daniel Addo, shared insights at a press briefing, highlighting the bank’s impressive financial performance and its significant contributions to the local economy.
Mr. Daniel Addo acknowledged the skepticism faced by CBG at its inception, given the perception that it was taking over weak and insolvent banks.
“CBG started on very difficult circumstances and there were initially lack of trust because the perception was that we were taking over banks that were weak, banks that had poor risk management so that itself was a drag on us,” he noted.
However, he emphasized the bank’s swift response in addressing these concerns, putting in hard work to correct the state of affairs. “Since its establishment in August 2018, CBG has demonstrated remarkable growth, with total assets increasing from GHS 6.9 billion to GHS 13.8 billion by the end of 2023.”
Despite facing challenges such as high inflation, exchange rate volatility and the impact of the COVID-19 pandemic, Daniel Addo indicated that CBG showed resilience, growing customer deposits from Ghc 5.1 billion to Ghc 10.4 billion in full-year 2023.
The bank’s loan portfolio also witnessed substantial growth, rising from Ghc 228 million in 2019 to Ghc 1.1 billion by the end of 2023, reflecting a 49% compound annual growth in revenue from 2019-2023.
Daniel Addo also highlighted CBG’s impactful role in supporting state-owned enterprises (SOEs), the government, and most importantly, small and medium-sized enterprises (SMEs). The bank’s dedication to supporting SMEs was evident in providing GHS 1.6 billion in loans to over 5,600 businesses, earning accolades such as the “Euromoney Award for SME Market Leadership” in 2022 and 2023.
“The bank provided significant financial support, including Ghc 145 million in loans for the Hotel Bailout Program, Ghc 142 million to support government agencies, and a Ghc 1 billion syndicated loan for the Electricity Company of Ghana (ECG)”
CBG further underscored its commitment to community impact through various Corporate Social Responsibility (CSR) initiatives, focusing on health and education.
The bank is now poised to continue its growth trajectory, with a focus on digitization, enhanced support for SMEs, customer service improvement, and operational efficiency.
Looking ahead, CBG’s overriding ambition is to build market leadership in SME financing while maintaining a resilient institution that contributes positively to the Ghanaian economy.
