The Ministry of Finance (MoF) has refuted claims that Consolidated Bank Ghana (CBG) has been sold to a foreign investor, following similar denials by the bank itself.
In a statement issued on Wednesday, September 18, the MoF emphasized that CBG remains entirely state-owned. The bank, which was transitioned from a bridge bank to a universal bank and licensed by the Bank of Ghana, continues to operate under government ownership.
The Ministry highlighted CBG’s pivotal role in the government’s strategy to support local businesses and small and medium-sized enterprises (SMEs), contributing to economic growth. Over the past two years, the government has taken measures to bolster the bank’s capital in the aftermath of the Domestic Debt Exchange Program (DDEP), as part of the Ghana Financial Sector Strengthening Strategy (GFSSS) supported by the International Monetary Fund (IMF).
These efforts are intended to protect indigenous financial institutions and safeguard jobs. The Ministry also assured the public that CBG is in a stable financial position, and there is no risk to customers’ deposits or the bank’s operations.
The MoF urged the public to disregard the false reports and rely on official communication channels for any updates on the bank. It reaffirmed its commitment to working with regulators to ensure the stability of the financial sector.
