The Minister for Finance, Dr Cassiel Ato Forson, has inaugurated a new Board of Directors for Consolidated Bank Ghana Limited (CBG), charging them to uphold integrity, safeguard public funds and restore public confidence in state-backed banking institutions.
Speaking at the swearing-in ceremony in Accra, Dr Ato Forson reminded the board that CBG remains “a symbol of the state’s intervention” in Ghana’s banking sector, following the government’s decision to spend nearly GH₵30 billion to stabilise the industry during the financial sector clean-up.
“I have assured the board of the government’s commitment to recapitalise CBG in the coming year. However, it is equally important that this board safeguards taxpayers’ money, as you have been entrusted with a crucial national asset,” he said.
Dr Ato Forson also cautioned against what he described as the “era of excessive salaries and board allowances within State-Owned Enterprises (SOEs),” stressing that such practices would no longer be tolerated under the current administration.
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The newly appointed Board Chairman, Mr Ernest Mawuli Agbesi, expressed his appreciation for the opportunity to serve and pledged that the board would act with diligence and patriotism.
“We are grateful for the government’s decision to recapitalise the bank and we promise to work diligently to deliver value to both government and the Ghanaian people,” he said.
The new board is expected to lead the bank through a critical phase of recapitalisation, corporate restructuring and increased focus on supporting Ghana’s economic recovery efforts.
The full list of members of the new CBG Board includes:
Mr Ernest Mawuli Agbesi – Chairperson
Dr Naomi Wolali Kwetey – Managing Director
Ms Irene Ackuaku – Member
Mr David Adom – Member
Mr Michael Kwasi Anyamesem – Member
Mr Stephen Kporzih – Member
Dr Sa-ad Iddrisu – Member
Mrs Immaculate Kawe Kanlisi – Member
Mr John Alexander Ackon – Member
CBG was established in 2018 following the consolidation of five distressed banks as part of sweeping reforms initiated by the Bank of Ghana. The institution has since played a key role in restoring confidence in Ghana’s banking sector and providing financial services to previously underserved segments of the market.