Finance Minister Swears in New CBG Board, Promises Recapitalization

July 2025 In a significant move to reinvigorate confidence in Ghana’s state-backed banking sector, Finance Minister Dr. Cassiel Ato Forson has officially inaugurated a newly constituted Board of Directors for Consolidated Bank Ghana Limited (CBG). The ceremony, held in Accra, signals a renewed government commitment to strengthen governance, accountability, and performance in one of the nation’s most symbolic financial institutions.

CBG was established in 2018 following the government’s intervention to consolidate multiple distressed banks during a widespread financial sector clean-up, which reportedly cost taxpayers approximately GH₵30 billion. The Finance Minister reminded the incoming board of this high national cost, underscoring the strategic importance of CBG as a public asset that must be stewarded with diligence and integrity.

“CBG stands as a monument to one of the most consequential state interventions in our financial history. Going forward, this board is expected to safeguard taxpayers’ money and uphold the values of transparency, efficiency, and service excellence,” Dr. Forson said.

Commitment to Recapitalization with Conditions

Dr. Forson also pledged the government’s readiness to recapitalize CBG in the coming year, a move aimed at improving the bank’s financial health and positioning it to compete effectively in the commercial banking space. However, he made it clear that recapitalization will come with stricter accountability measures.

“We will not tolerate a return to the days of excessive salaries and unjustified board allowances, especially within State-Owned Enterprises (SOEs). Fiscal discipline must be the hallmark of this new era,” the Minister warned.

This cautionary note reflects growing concerns about financial mismanagement and inefficiency in SOEs, which the government is determined to eliminate under current economic recovery efforts.

New Leadership and Vision

The newly appointed Board Chairman, Mr. Ernest Mawuli Agbesi, expressed deep appreciation for the trust placed in him and the board members. A seasoned banker and public servant, Mr. Agbesi pledged to work collaboratively with all stakeholders to reinforce the bank’s operational strength, improve corporate governance, and ensure CBG delivers measurable value to the government and citizens.

“We understand the weight of the responsibility entrusted to us. CBG is not just a bank — it is a symbol of national resilience and strategic intent. This board is committed to building on that foundation,” Mr. Agbesi stated.

Full Composition of the New CBG Board

The newly sworn-in board brings together a mix of seasoned professionals with backgrounds in finance, law, governance, economics, and public service. The members include:

• Mr. Ernest Mawuli Agbesi – Chairperson

• Dr. Naomi Wolali Kwetey – Managing Director

• Ms. Irene Ackuaku – Board Member

• Mr. David Adom – Board Member

• Mr. Michael Kwasi Anyamesem – Board Member

• Mr. Stephen Kporzih – Board Member

• Dr. Sa-ad Iddrisu – Board Member

• Mrs. Immaculate Kawe Kanlisi – Board Member

• Mr. John Alexander Ackon – Board Member

Each member is expected to contribute strategic insights and robust oversight to guide the bank’s policies and operational framework in alignment with Bank of Ghana regulations and national financial goals.

A Strategic Role in Ghana’s Economic Agenda

Consolidated Bank Ghana (CBG) currently operates a nationwide network with a strong focus on retail banking, SME financing, and public sector services. The recapitalization pledge and board restructuring are viewed as critical steps to reinforce the bank’s ability to:

• Mobilize domestic savings

• Support inclusive financial growth

• Facilitate credit access for small businesses

• Advance Ghana’s digital and financial inclusion agenda

CBG is also expected to play a pivotal role in supporting government-backed economic initiatives, including the YouStart entrepreneurship programme, infrastructure financing, and public sector salary disbursements.

Toward a Culture of Responsible Stewardship

Minister Forson concluded by urging the new board to serve with a sense of patriotism, foresight, and ethical responsibility. He emphasized that SOEs must evolve into beacons of public sector excellence, capable of driving national development while maintaining commercial viability.

As Ghana continues to navigate its post-COVID economic recovery and IMF-backed fiscal reform programme, institutions like CBG are under heightened scrutiny. The performance of its new board could become a benchmark for state-owned financial entities in Ghana and across the West African region.