CBG TO REESTABLISH CONFIDENCE IN THE GHANAIAN FINANCIAL SECTOR

AFIA NYARKO ASARE
The Director General of the Securities and Exchange Commission (SEC), Daniel Ogbamey Tetteh, hinted yesterday that there is a firm collaboration and coordination among the regulators to offer the consolidated Bank Ghana the support it needs to build up and restore confidence of the general public in the Ghanaian financial sector.
He made this assertion at a meeting with the Bank of Ghana (BoG), Securities and Exchange Commission (SEC), and National Pension Regulatory Authority (NPRA) that was held at the CBG Head Office in Accra. They assured the CBG of their support to ensure economic growth.
Also the Managing Director (MD) of NPRA, Hayford Attah Krufi commended the transparency with which the CBG conducts its business. He continued that although CBG was formed to handle customers of defunct banks, it has not only handled the mess but won the hearts of its customers, regulators and the general public. “We are here to support your every move as a strong and reliable player, we at NPRA stand with you”, he concluded.
Ernest Addison, Governor of BoG clarified that the 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.
The Managing Director 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 nearly 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 modified products as we promise to continually ‘Stand with you’,” Mr. Addo concluded.

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