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CBG WAS CAPITALIZED WITH GH¢450M- KEN OFORI ATTA

Presenting the 2019 Mid-Year Review Budget to Parliament on Monday, the Finance Minister, Mr Ken Ofori Atta, has said that the government pumped GH₵450 million, into the Consolidated Bank Ghana Limited (CBG), as seed capital, in 2018.

He said CBG had released funds totalling GH₵530million to Cocobod for cocoa depositors’ funds in the failed banks.

He said, “We have restored confidence into the banking sector by securing the otherwise distressed deposits of some 2,655,100 customers as well as saving over 3,000 jobs.”

The total banks’ assets, Mr Ofori-Atta said, “have shot up to GH₵112.8billion, while the growth of credit to the private sector was rebounding assuredly by 16.8percent in June 2019.”

The Finance Minister said the government had demonstrated its commitment to provide timely relief to depositors whose funds were at risk as a result of the defunct banks.

Story By: Isaac Otoo

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