Consolidated Bank Ghana (CBG) is a commercial bank in

Ghana Ghana, officially the Republic of Ghana, is a country in West Africa. It is situated along the Gulf of Guinea and the Atlantic Ocean to the south, and shares borders with Côte d’Ivoire to the west, Burkina Faso to the north, and Togo to t ...

. It is licensed by the

Bank of Ghana The Bank of Ghana ( BoG) is the Central Bank of Ghana. It is located in Accra and was formed in 1957. The Bank of Ghana has Seven Regional Offices in addition to its head office in Accra. The regional offices are located in the following citie ...

, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator.

Location

The headquarters and main branch of the bank are located on the First Floor, Manet Tower 3, Airport City,

Accra Accra (; or ''Gaga''; ; Ewe: Gɛ; ) is the capital and largest city of Ghana, located on the southern coast at the Gulf of Guinea, which is part of the Atlantic Ocean. As of 2021 census, the Accra Metropolitan District, , had a population of ...

. This location is immediately west of

Kotoka International Airport Kotoka International Airport is an international airport in Accra, the capital of Ghana. The airport is operated by Ghana Airports Company Limited (GACL), which has its offices on the airport property. Until the upgrading of the Tamale and Ku ...

. The geographical coordinates of the headquarters of CBG are:05°35'59.0"N, 0°10'38.0"W (Latitude:5.599722; Longitude:-0.177222). CBG-Head-Office

Overview

Consolidated Bank Ghana Limited (CBG) is a large financial services organization, serving large corporations, high net-worth individuals,

non-governmental organization A non-governmental organization (NGO) is an independent, typically nonprofit organization that operates outside government control, though it may get a significant percentage of its funding from government or corporate sources. NGOs often focus ...

s, regular customers and

small and medium sized enterprises Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizat ...

. As of 31 December 2021, the bank had total assets of GHS:10,751,164,000 (US$1,449,578,900), with shareholders' equity of GHS:801,545,000 (US$108. 1 million). As of October 2019, CBG had 114 branches, 119 ATMs and approximately one million customers. Its executive management includes Nana Ama Poku as Deputy Managing Director, Corporate Resources; Thairu Ndungu as Managing Director, Operations; and Daniel Wilson Addo as Chief Executive Officer.

History

In September 2017, the Bank of Ghana directed all universal banks in Ghana to raise their minimum capital reserves from GHS: 120 million (US$22.8 million) to GHS: 400 million (US$73.4 million). Five banks that failed to meet the minimum requirements were merged, namely Construction Bank, the Beige Bank, the Royal Bank, UniBank and Sovereign Bank. On 1 August 2018, the banking licenses of these five banks were cancelled and their assets and selected liabilities were merged to form Consolidated Bank Ghana Limited. In addition, these five banks had committed regulatory breaches that made it impossible for them to operate as banking institutions, so the Bank of Ghana closed them and fired their boards and senior management.

Recapitalization

The

government of Ghana The Government of Ghana was created as a parliamentary democracy, followed by alternating military and civilian governments in Ghana. In January 1993, military government gave way to the Fourth Republic after presidential and parliamentary elect ...

issued a bond worth GHS: 5.76 billion (US$1.2 billion) to retire the debt of the insolvent five banks. In addition, the government availed Consolidated Bank with GHS:450 million (US$94.76 million) to serve as reserve capital.

Ownership

Consolidated Bank Ghana Limited is 100 percent owned by the government of Ghana.

Branches

Consolidated Bank began operations with 148 branches in nine regions of Ghana. These were all branches of the five defunct banks the Bank of Ghana took over. By October 2019, the number of branches had been rationalized to 114.

Awards and recognitions

In 2020 the bank was one of twelve institutions that picked up honorary awards at the ninth

Association of Ghana Industries Association of Ghana Industries (AGI) is the umbrella body that regulates the activities of industries in Ghana. The body also lobbies the Government of Ghana on issues that affect industries in the country. Industrial conference in China The ass ...

(AGI) Ghana Industry and Quality Awards.

References

External links

Official website

Consolidated Bank Ltd takes over assets of 5 collapsed banks
as of 2 August 2018 {{Economy of Ghana Banks of Ghana Companies based in Accra Banks established in 2018 Ghanaian companies established in 2018