CBG denies sale to foreign entity, assures customers of fund security

Consolidated Bank Ghana (CBG) has denied reports that the bank has been sold to a foreign entity. The reports, which circulated on social media, claimed that the bank was sold to a “Swiss Front” without parliamentary approval. It also urged depositors to withdraw their funds before the new owner takes over.

In a statement issued on September 18, 2024, CBG management dismissed the claims as false. “These reports are entirely false and misleading,” the statement emphasized, adding that the Government of Ghana remains the sole shareholder of the bank.

The bank assured customers that their funds were secure and urged the public to rely on official communication channels for accurate information. “We assure customers that their funds are secured with the bank and urge the public to rely on the bank’s official communication channels for any information.”

CBG also reiterated its commitment to safeguarding deposits and maintaining operational integrity, stating that it will continue to provide exceptional customer service and innovative products.

Officials from the Ministry of Finance, which oversees the government’s shares in institutions like CBG, also confirmed they are unaware of any transactions involving the sale of the bank to a foreign entity. Sources within the government expressed surprise at the circulating reports.