The Government of Ghana and Consolidated Bank Ghana Ltd. (CBG) have refuted circulating reports that the bank has been sold. In a press release dated September 18, 2024, the bank’s management assured the public that CBG remains state-owned, with the government as its sole shareholder. The statement dismissed the rumors as false and misleading, urging the public to trust official communication channels for accurate information.
The release also assured customers that their deposits are secure, with CBG continuing to operate with financial stability. The bank, which has been crucial in supporting small and medium-sized enterprises (SMEs), remains committed to delivering exceptional customer service and innovative financial products. CBG emphasized that there is no cause for concern regarding the integrity of the bank’s operations.
The government also released a statement confirming its ongoing commitment to strengthening CBG, particularly in the aftermath of the Domestic Debt Exchange Program (DDEP). As part of the Ghana Financial Sector Strengthening Strategy (GFSSS), the government has taken measures to bolster the bank’s capital and ensure its resilience.
CBG’s role as a policy bank has been pivotal in supporting indigenous businesses, and the government reiterated its intention to preserve jobs and prevent the decline of local financial institutions. This support ensures that CBG remains a critical player in Ghana’s economic growth and financial landscape.