Regulators back CBG to restore confidence in financial sector

BoG reps and CBG management at the meeting

Regulators in the financial sector have applauded Consolidated Bank Ghana (CBG) effort in delivering quality and strong banking services to its varied customers.

At a meeting with financial institutions at the CBG Head Office in Accra, the Bank of Ghana (BoG), Securities and Exchange Commission (SEC), and National Pension Regulatory Authority (NPRA) have thrown their weight behind CBG to support economic growth.

Ernest Addison, Governor of BoG said: “Consolidated Bank was birthed on 1st August, 2018. At the initial stage, there were challenges and doubts but under good management the story is positive now. We are very happy with CBG and I applaud the management and board of the bank for the hard work done so far. We have seen significant improvements in the bank and their deposits are growing quickly,” he said.

Rev. Daniel Ogbamey Tetteh, SEC Boss, added that the institution is ready to support CBG. “There is greater cooperation and coordination among the regulators and we are determined to stand together to give the right support CBG needs to build up and restore confidence in the financial sector.”

Managing Director (MD) of NPRA, Hayford Attah Krufi said the transparency with which CBG conducts its business is commendable. “A year ago, CBG was formed to handle customers of erstwhile banks. CBG has not only handled the mess but won the hearts of its customers, regulators and the general public,” he said. “We are here to support your every move as a strong and reliable player. We at NPRA stand with you.”

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MD of CBG, Daniel Wilson Addo, assured regulators, heads of financial institutions and customers that CBG is focused on carrying out its mandates to ensure depositors’ funds are protected and to build an institution that will play a significant role in the Ghanaian business arena.

“We have for the period of approximately a year been engaging individual institutions and today’s event seeks to engage stakeholders collectively, to assure you of CBG’s financial stability. Our keen interest is to be your trusted bank and to showcase our efforts to facilitate and ensure continuity of the financial system,” he said.

“We were faced with the task of validating all accounts and their balances after which CBG could confidently pay out; we are well grounded in solid governance and prudent risk management within BoG and international standards. We have tailor-made products, the right and experienced human resource on our team to deliver nothing short of your expectations and beyond,” Mr. Addo added.

“CBG is here for you, ready to do business with you and poised to grow with you. Stay with us, as we pledge to you our hallmark services and bespoke products as we promise to continually ‘Stand With You’,” Mr. Addo concluded.

The meeting ended in the cool of the airport breeze as stakeholders engaged further in business discussions and partnership.

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