The Ministry of Finance has categorically refuted reports circulating on social media suggesting that the Consolidated Bank Ghana (CBG) has been sold to a foreign investor.
In an official statement released on Wednesday, the Ministry dismissed these claims as "entirely false and misleading."
According to the Ministry, CBG remains fully state-owned, following its transition from a bridge bank into a licensed universal bank under the supervision of the Bank of Ghana.
The Ministry emphasized that the bank plays a crucial role in the government's efforts to support indigenous businesses and the SME sector, contributing to economic growth.
"In the past two years, the government has implemented measures to strengthen the bank’s capital in the wake of the Domestic Debt Exchange Program (DDEP),” the statement noted.
This is part of the Ghana Financial Sector Strengthening Strategy (GFSSS), supported by the IMF and approved by Cabinet, to fortify the financial sector and protect indigenous banks.
The Ministry assured the public that CBG is in a strong financial position, with no risks to customers' deposits or the bank's operations.
"There is no cause for concern regarding the security of deposits or the bank's operational integrity," it added.
The Ministry urged the public to disregard the false reports and rely solely on official communication channels for updates on the bank’s status.
It also reiterated its commitment to working with regulators to maintain stability in the financial sector.
The Ministry of Finance issued the statement to prevent the spread of misinformation and assure Ghanaians of CBG’s sound financial health.
Story by: Joshua Kwabena Smith
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