The Ministry of Finance (MoF) has refuted claims that the government has sold the Consolidated Bank Ghana (CBG) Limited to a foreign investor.
In a press statement dated Wednesday (18 September), the ministry was responding to claims circulating on social media that the bank had been sold off to a foreign investor, stating that any such claim is “entirely false and misleading.”
“The Ministry of Finance refutes recent social media reports alleging that Consolidated Bank Ghana (CBG) has been sold to a foreign investor,” the statement read.
“CBG remains solely a state-owned bank after it was converted from a bridge bank into a universal bank and licenced by the Bank of Ghana.”
The MoF also stated that the bank is in a sound financial position and as such, there is no cause for concern regarding the security of customers’ deposits, which the social media claims had suggested were at risk.
“Over the past two years, government has taken steps to strengthen the bank’s capital to make it more resilient post the Domestic Debt Exchange Programme (DDEP) under the IMF-supported Ghana Financial Sector Strengthening Strategy (GFSSS), as approved by Cabinet.”
“This support is to prevent the decimation of indigenous financial institutions and to preserve jobs. CBG therefore is in a sound financial position, and there is no cause for concern regarding the security of customers’ deposits or the bank’s operational integrity,” the statement added.
The ministry has, therefore, urged the public to disregard the reports and to rely on official communication channels for any information concerning the bank.
Below is the full statement from the MoF:
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