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The newly inaugurated Board of Directors of Consolidated Bank Ghana (CBG) has officially assumed office, tasked with steering the state-owned bank through a crucial period of recapitalisation, financial recovery, and increasing public expectations.
The inauguration ceremony, led by the Minister for Finance, Dr Cassiel Ato Forson, marks a pivotal moment for CBG, as it transitions from post-crisis survival to institutional sustainability.
CBG—one of the most visible legacies of Ghana’s GH₵30 billion (approximately $2.5 billion) financial sector bailout—has faced years of instability since its establishment during the banking cleanup between 2017 and 2019. With signs of modest recovery recorded in its 2024 unaudited financials, the bank now enters a new phase requiring bold governance, ethical leadership, and strategic direction.
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Dr Forson, in his keynote address during the swearing-in ceremony in Accra, underscored the importance of protecting public funds, especially at a time when the government is operating under tight fiscal constraints and macroeconomic uncertainty.
“I have assured the board of the government’s commitment to recapitalise CBG in the coming year. However, it is equally important that this board safeguards taxpayers’ money, as you have been entrusted with a crucial national asset,” he said.
Dr Forson further cautioned against the historical trend of bloated executive compensation in state-owned enterprises.
“The era of inflated board allowances and executive salaries at public banks is over. We will not tolerate abuse of public resources,” he warned.
The new board is chaired by Ernest Mawuli Agbesi, a seasoned banking executive and former managing director of UT Bank. Mr Agbesi pledged to guide the bank with a focus on rebuilding capital, trust, and operational efficiency.
“We will restore value and performance. This board is committed to supporting Ghana’s financial sector reforms and expanding access to inclusive banking services,” he said.
Joining Mr Agbesi on the board are notable professionals: Dr Naomi Wolali Kwetey (Managing Director), Ms Irene Ackuaku, Mr David Adom, Mr Michael Kwasi Anyamesem, Mr Stephen Kporzih, Dr Sa-ad Iddrisu, Mrs Immaculate Kawe Kanlisi, and Mr John Alexander Ackon.
According to its unaudited 2024 financial results, CBG reported:
- Total assets of GH₵12.3 billion ($1.03 billion), up from GH₵11.5 billion in 2023
- Customer deposits grew 4.3% to GH₵8.6 billion ($721 million).
- Net interest income rose 6% year-on-year to GH₵652 million ($55 million).
- Profit before tax reached GH₵112 million ($9.4 million), reversing a loss of GH₵94 million in 2023.
- Cost-to-income ratio improved from 89% to 76%
Despite these gains, the bank’s capital adequacy ratio remains below the Bank of Ghana’s regulatory minimum, underscoring the urgency for recapitalisation.
The new board assumes leadership at a time when scrutiny of state-owned banks has intensified. The public and stakeholders expect the bank not only to maintain fiscal discipline but also to serve as a vehicle for national development, particularly in rural and underserved communities.
CBG has made progress in financial inclusion, operating 114 branches nationwide and rolling out new digital banking platforms that led to a 16% rise in mobile transactions in 2024. Still, experts argue that sustainability and competitiveness will require more than innovation—it will demand governance reforms, risk management, and capital strength.
Finance Minister Forson concluded with a pointed message: “This bank was born out of a crisis. Now is the time for it to become a symbol of transformation and integrity in Ghana’s banking industry.”
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