Gov’t to issue ¢5.7m bond to support newly created Consolidated Bank

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Government has reiterated its assurance in ensuring that the banking system is not only resilient and capable of driving the transformation agenda but also supports the promotion and participation of strong indigenous Ghanaian banks.

To this end, it has incorporated a new bank called Consolidated Bank Ghana Limited [herein referred to as Consolidated Bank] and capitalized it with ¢450 million.

Consolidated Bank will assume selected assets and liabilities of these five banks whose licenses have been revoke by the Bank of Ghana.

Government has also provided financial support through the issuance of a bond in the amount of [¢ 5.76 billion] towards the Purchase and Assumption Agreement under which the Consolidated Bank Ghana Limited has acquired [all deposits and other specified liabilities, and good assets of the five banks].

 

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