Mr Daniel Wilson Addo, the Managing Director of Consolidated Bank Limited (CBG), has apprised the customers of CBG and all stakeholders that the Bank is now stronger and well positioned to play its role in the economic development of the country.
Mr Addo noted that the bank has overcome its earliest hurdles and now battle ready to drive the transformation agenda in the banking landscape.
“CBG has shrugged off the initial ashes and challenges around its formation,” he said. Adding that, the CBG Bank is ready to serve its core customers, being Small and Medium Enterprises (SMEs) as well as all Ghanaians.
Meanwhile, Mr Addo said the Bank, which was formed out of seven defunct banks around 2018 by the State has 190 branches countrywide. He also observed that the bank has different cultures and technology ‘nightmares’ alongside its liabilities. However, he said it has now been turned around into a better financial institution.
Moreover, Mr Addo averred that the Management of the bank has worked hard to establish a strong governance framework, gained financial control, saved 2,300 jobs. He also added that the bank even financed some state projects including the Sea Defence walls and other corporate social responsibilities, as well as supported COVID-19 related initiatives.
On the way forward, Mr Addo said the Bank is determined to continue to serve SMEs better. This, he said, will be achieved by the bank asserting itself as the preferred SME Bank and proffer solutions to those it served, and offering digital financial solutions.
Mr Addo was speaking at a media engagement, hosted by the State Interest and Governance Authority (SIGA), under its “pitching the successes of specified entities,” in Accra.
SIGA hosted the CBG and Ghana Broadcasting Corporation (GBC), who are part of state enterprises, to share their operational successes.
The Role of GBC in National Development
However, Professor Amin Alhassan, the Director General of GBC, also contributing on the program said the 86-year old Corporation was determined to overcome its challenges to maintain its current status as a critical institution of democracy for national development.
He said, GBC as the biggest media empire in the country, had worked hard to survive and now operated widely on its internally generated funds, which was also used to broadcast most national programmes including the 2020 Presidential Petition, which cost three dollars per a minute.
He said all the public service functions the Corporation performed could serve as dividends to the state.
Prof Alhassan, however, said GBC must be supported to play its role as a state broadcaster. He added that it owe a lot of electricity bills, especially the outlets in the hinterlands. He noted that some of them have been disconnected by the ECG due to inadequate funding.
“The demands of a Public Service Broadcasting without a commensurate resourcing has deepened the debt situation of GBC.”
Prof Alhassan
Meanwhile, Mr Stephen Asamoah Boateng, the Chief Executive Officer of SIGA, commended the two entities for achieving so much with the minimal state resources at their disposal.
He said SIGA appreciates GBC and also impressed with the performance of CBG as state enterprises, working to fulfil their mandates and becoming profitable to the nation.
“It is good CBG is focusing on SMEs because they are the thrust of the economy”.
Mr Stephen Asamoah Boateng
He also stated that SIGA’s role is to facilitate the monitoring of state enterprises and to ensure that the business of the state is run properly and yielded the necessary profit.
Mr Asamoah Boateng also assured that SIGA is committed to ensuring that state businesses and other public organisations follow strong corporate governance standards to serve the interests of the state.
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