The Minister of Public Enterprises, Joseph Cudjoe, has paid a working visit to Consolidated Bank Ghana Ltd. (CBG) as part of his familiarisation tour.
In his introductory remarks, the minister indicated that his visit was to learn first-hand the bank’s operations. Mr. Cudjoe mentioned that in March 2022, President Nana Addo Dankwa Akufo-Addo charged him with oversight of the State Interest and Governance Authority (SIGA) to ensure profitability and efficiency of all entities government has interest in, and this includes CBG.
“My visit today is to familiarise myself with activities of the bank, and offer my support and advice where necessary.”
In a brief presentation, Managing Director-CBG, Daniel Wilson Addo, said Consolidated Bank Ghana has 114 branches across 13 regions and is the second-largest bank in terms of branch network. Mr. Addo said the mission of CBG is to provide a simple, secure and differentiated banking experience to customers.
“We want customers’ journey to be simple and secured because of our background, and to be different in all we do. We have automated our loan origination, which allows us to process and disburse loans in two days,” he said.
According to the Managing Director, CBG is number-5 in secondary Bond Trading and is striving to become a Bond Market Specialist – and as such is developing that space to join.
Touching on People and Culture, he indicated that CBG organises yearly surveys to gather staff feedback that helps build a sustainable culture among staff. “Training is a key focus area in the bank, hence an academy has been established to train and build the capacity of our staff,” he said.
In conclusion, the minister commended management of CBG for good work done. Mr. Cudjoe indicated his willingness to assist in achieving its vision whenever called upon.
He said state enterprises contribute significantly to the country’s Gross Domestic Product (GDP) and have a significant presence in the economy, being avenues for job creation. He said his visit to various Public Enterprises enables him to bring to the fore issues inherent in same for the attention of the president’s Cabinet and the Economic Management Team.
The minister’s final remarks were that the ministry is developing a state ownership policy for the deployment of portfolio management to ensure all state entities become efficient and effective.
