Hon. Abena Osei Asare, a Deputy Minister of Finance has admonished the newly inaugurated Governing Board of the Consolidated Bank Ghana (CBG) to enact prudent strategies to enhance Small and Medium Enterprises (SMEs) lending through digitally inclined banking services.

These witty digital innovations, she disclosed, will be able to benefit the unserved and underserved within the financial sector.

Hon. Abena Osei Asare, while acting on behalf of Hon. Ken Offori-Atta, the Minister of Finance at the ten-member board inauguration ceremony, disclosed that SME financing is critical to government as the private sector continue to remain a topmost priority area for government.

“It is therefore my believe that this newly inaugurated Board would work together as a united force to lead CBG to achieve its mandate of being the preferred SME Bank offering innovative digital financial solutions, with the objective of fostering financial inclusion amongst the unbanked and informal sector, while partnering and supporting Government initiatives and agenda”.
Hon. Abena Osei Asare

With regards to potential partnerships with other financial institutions, Mrs. Abena Osei Asare encouraged the new board to strategically position CBG to establish strong alliance with the soon to be established Development Bank Ghana (DBG).

This partnership, Hon. Abena Osei Asare believes will help CBG to secure relatively affordable funds to stimulate economic growth and job creation by channelling funds to critical areas of the Ghanaian economy.

SME support mechanism

Hon. Abena Osei Asare, believes that CBG’s partnership with DBG could possibly support the creation of sustainable businesses and the expansion of Small and Medium-size Enterprises.

This, she hinted, will enable SMEs to take advantage of the Africa Continental Free Trade Area (AfCFTA) and build regionally and globally competitive Ghanaian companies.

Mrs. Abena Osei Asare commended CBG for being able to overcome the many challenges inherited due to assets and liabilities it assumed from the seven defunct banks which were consolidated into the CBG.

She added that government was pleased with the bank’s (CBG) transformation process, which seeks to improve on governance, risk management practices, brand image and customer integration.

“Government therefore admonishes the new Governing Board to improve further the operations of the bank in order to consolidate and solidify the progress made.”
Hon. Abena Osei Asare

Notable among the newly inaugurated board were, Mr. Welbeck Abra-Appiah, who is serving in the capacity of the Chairperson of the CBG Board.

Furthermore, the directors are, Mr. Daniel Wilson Kodwo Addo, the CEO of CBG; Hon. Bright Bakye Yelviel Baligi, MP for Lambussie Constituency; Mr, Kwamina Bensti Enchil Duker, the Manging Director of Dwennimmen Group Co. Ltd. and Mrs. Maureen Abla Amematekpor, a Diplomat and an Educationist.

The other members are Madam Gloria Owusu, a Financial Analyst and Client Relationship Management expert; Mr. Phillip Osafo-Kwaako, an Economist and a Financial Expert; Mr. Edward Prince Amoatia Younge, a Marketing Consultant; Madam Afua Djimi and Mr. Yaw Asamoah.

The Chairperson, Mr. Welbeck Abra-Appiah pledged his utmost commitment to uphold the reputation of the CBG. He also assured on behalf of the board to initiate salient measures to promote Small and Medium Enterprises (SME) lending and digital banking services.