Global site navigation

Consolidated Bank Ghana Refutes Rumours Of Sale To Foreign Investor, Assures Customers Of Stability
Money

Consolidated Bank Ghana Refutes Rumours Of Sale To Foreign Investor, Assures Customers Of Stability

by  Delali Adogla-Bessa 2 min read
  • Consolidated Bank Ghana Ltd (CBG) has denied rumours online claiming that the bank has been sold
  • The finance ministry also released a statement assuring its clients that no such sale of CBG was taking place
  • The finance ministry, in a statement, also said CBG remains critical in the government’s strategy of supporting businesses

PAY ATTENTION: YEN Entertainment Awards 2024: 3rd Edition's Candidates are Shortlisted. It's Time to Vote for the Best Entertainer in Ghana! Share Your Voice Now.

Consolidated Bank Ghana Ltd (CBG) has refuted speculation online that the bank has been sold.

CBG released a statement saying that there was no change in ownership, with the government of Ghana remaining the sole shareholder.

Consolidated Bank Ghana Denies Rumours Of Sale to a foreign investor
Consolidated Bank Ghana is wholly owned by the Ghanaian government. Source: Consolidated Bank Ghana LTD
Source: Facebook

In a statement, the bank described the rumours as inaccurate, appealed to the public to ignore the misinformation and advised that they only rely on official channels for communication to relay any information on the bank's activities.

Read also

Meta and Spotify blast EU decisions on AI

It further assured its customers that their cash deposits and the bank's operational integrity are secure.

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

"The institution continues to provide exceptional service and innovative products, reinforcing its position as the preferred bank for small and medium enterprises (SMEs)."

The finance ministry also said CBG remains critical to the government’s plan to support the growth of local businesses.

When was Consolidated Bank formed?

Consolidated Bank Ghana was founded in 2018 under the Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It has its head office in Accra and other branches scattered all over the country. The bank is wholly owned by the government and capitalised by the Ministry of Finance.

Ghana's domestic debt exchange

YEN.com.gh reported that Ghana launched a domestic debt exchange programme on December 5, 2022, after defaulting on its debt, which included $55 billion in public debt.

Read also

PURC warns that ECG could go bankrupt soon if financial challenges not resolved

The Bank of Ghana notably lost GH¢55.12 billion due to haircuts that its investments suffered under the controversial Domestic Debt Exchange Programme (DDEP).

Other Ghanaians complained about losses from the haircuts they were given.

Under the domestic debt exchange, local bonds were exchanged for new ones maturing in 2027, 2029, 2032, and 2037.

Their annual coupon was set at 0% in 2023, 5% in 2024, and 10% from 2025 until maturity.

After unions threatened a general strike, local pension funds were exempted from the domestic debt exchange.

Proofread by Edwina N.K Quarcoo, journalist and copy editor at YEN.com.gh.

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

Hot: