Consolidated Bank to be regularised as a Universal Bank - Minister

Finance Minister Ken Ofori-Atta has disclosed that the government has approved a request by the Consolidated Bank Ghana (CBG) to be made a universal bank.

The Minister told legislators on Wednesday when he presented the 2020 budget statement that the success chalked by the bridge bank following the collapse of some banks makes it viable as a universal bank.

In his presentation he said: ”With the progress made by CBG, the bank has requested that Government consider and approve for its articles of incorporation to be amended to convert it into a normal universal bank and not a bridge bank. Government has recognised the need to strengthen CBG and protect the jobs at this bank and has therefore given the go ahead for CBG to undertake the needed regulatory process with the Bank of Ghana for it to be regularised.”

He indicated that ”the progress made by CBG, the jobs retained as well as the re-hiring of some of the staff of the now defunct banks that were out of the jobs, attest to the hard work the BOG, the Receivers and all stakeholders in the banking sector clean-up process to ensure that the resolution of the crisis was as smooth as possible. We are confident that over the next months, the financial sector which is now on a sounder footing will expand considerably and new jobs will be created.”

He said: ”The progress made by CBG, the jobs retained as well as the re-hiring of some of the staff of the now defunct banks that were out of the jobs, attest to the hard work the BOG, the Receivers and all stakeholders in the banking sector clean-up process to ensure that the resolution of the crisis was as smooth as possible. We are confident that over the next months, the financial sector which is now on a sounder footing will expand considerably and new jobs will be created.”