CBG Board Tasked with Safeguarding Public Funds as New Leadership Takes Charge
Finance Minister Dr. Cassiel Ato Forson has issued a direct mandate to Consolidated Bank Ghana Limited’s newly appointed Board of Directors: protect taxpayers’ money through prudent financial management.
The Minister emphasized the board’s crucial responsibility in overseeing public funds during the leadership transition at CBG. His charge comes as the state-owned bank faces ongoing scrutiny over its stewardship of government resources and operational efficiency.
CBG was established in 2018 following the collapse of several local banks, with the government injecting significant capital to stabilize Ghana’s banking sector. The institution now serves as a critical component of the country’s financial infrastructure, managing substantial public deposits and loans.
Dr. Forson’s directive underscores the government’s commitment to fiscal responsibility amid economic challenges. The new board members must navigate complex financial decisions while ensuring transparency and accountability in their operations.
The Finance Minister’s statement signals increased oversight of state-owned financial institutions. This development reflects broader efforts to strengthen corporate governance across Ghana’s public sector entities.
The newly appointed directors face the immediate challenge of implementing robust financial controls and risk management systems. Their performance will likely influence public confidence in state-owned banks and the government’s broader economic management strategy.
CBG’s board composition and specific appointments were not disclosed in the Minister’s announcement.
