The Ministry of Finance has refuted reports on social media that Consolidated Bank Ghana (CBG) has been sold to a foreign investor. According to the Ministry, CBG remains solely a state-owned bank that is critical in the government’s strategy of supporting indigenous businesses and SMEs in the country.

The Ministry said in a statement on Wednesday, government has taken steps to capitalise CBG to make it more resilient therefore there is no cause for concern regarding customers’ deposits.

“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. The 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.”

CBG was established by the Government of Ghana at the height of the financial sector clean-up in 2017. The Bank started operations on August 1, 2018 following the merger of 5 banks namely Construction Bank, The Beige Bank, The Royal Bank, Unibank and Sovereign Bank.