At the initial stage, he explained that the bank suffered challenges and doubt but under good management, the bank’s story was now positive.
 
The Governor gave the commendation in a release issued in Accra by Consolidated Bank Ghana (CBG) after a meeting with financial institutions at the CBG Head Office in Accra on Thursday, July 25, 2019.

“The Consolidated Bank was birthed on August 1, 2018. At the initial stage, there were challenges and doubts but under good management, the story is positive now.

“We are very happy with the CBG and I applaud the management and board of the CBG for the hard work done so far.

We have seen significant improvements in the bank and their deposits are growing quickly,” the release said.

The release quoted the Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbamey Tetteh as saying that SEC was ready to support the bank.

“There is greater cooperation and coordination among the regulators and we are determined to stand together to give the right support the CBG needs to build up and restore confidence in the financial sector.”

Transparency

Also in the release, the Managing Director (MD) of the National Pension Regulatory Authority (NPRA), Mr Hayford Attah Krufi, said the transparency with which the CBG conducted its business was commendable.

“A year ago, the CBG was formed to handle customers of erstwhile banks.

The CBG has not only handled the mess but won the hearts of its customers, regulators and the general public.

We are here to support your moves as a strong and reliable player.

We at the NPRA stand with you,” he said in the release.

Assurance

The Managing Director (MD) of CBG, Mr Daniel Wilson Addo assured regulators, heads of financial institutions and customers that the bank was focused on carrying out its mandates to ensure depositors’ funds were 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 the 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.

“We were faced with the task of validating all accounts and their balances after which the CBG could confidently pay out; we are well grounded in solid governance and prudent risk management within the 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.

“The 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 added in the release.