The Consolidated Bank Ghana (CBG), has opened a new branch at, the capital of the Kwahu West Municipality in the Eastern Region of Ghana.
Addressing the gathering, Board Chairman for the CBG Bank – Ghana, Nana Abrah Appiah urged the people living in and around Kwahu to make the CBG their preferred banking choice.
He said the CBG has a variety of offers and services that will suit the basic expectations of its customers.
On his part, Atibie Hene Nana Kwame Asante Beteani acknowledged the suggestion by the Kwahu West Municipal Chief Executive Officer, Lawyer Yaw Owusu Addo’s request to the bank to facilitate ways of having its permanent building. During Nana Asante Beteani’s address, he approved that the Atibie stool lands would offer free land for the bank to be able to construct its permanent banking building in the Kwahu West.
He therefore urged the bank to also embark on some developmental projects as part of its corporate social responsibilities.
The Managing Director for the Bank, Daniel Wilson Addo added that the opening of the new branch in Nkawkaw marks a very significant moment in the history of the Consolidated Bank, Ghana.
He indicated it is therefore his utmost concern that the bank thrive and make great impacts during its operations in the Kwahu.
General Manager for Consumer Banking Joseph Okyere Opoku further said, the bank has identified a lot of Small and Medium Enterprises (SME’s) within the Kwahu West Municipality, and indicated that the bank is fully opened and prepared to serve its customers and the people of Kwahu.
On April 5, 2023, The Managing Director of Consolidated Bank Ghana Ltd. (CBG), Daniel Wilson Addo, has stated that his outfit is committed to deepening collaborations with Development Bank Ghana (DBG) to facilitate and strengthen long-term credit flow to drive economic growth among Ghanaian businesses.
Commenting on the importance of the partnership, Mr. Addo said, “DBG has a big audacious goal to address very key challenges within the business community. We all know the importance of SME support to Ghana’s economy, and CBG is delighted to be associated with DBG because of our commitment to see SMEs thrive in Ghana.”
“To add to our tall list of SME support activities, we partnered with DBG to train 160 SMEs on the Foundational Financial Literacy Course as part of an SME Financial Empowerment program. We at CBG look forward to deepening our relationship with DBG to on-lend to Ghanaian businesses in targeted industries such as agribusiness, manufacturing, ICT, and high-value services as the catalytic sectors of the economy identified by DBG”, he noted.
In his keynote address at the DBG-University of Ghana Business School (UGBS) Development Finance Series MoU Signing and Round table Meeting held at the University of Ghana, Mr. Daniel Addo also encouraged the Development Bank of Ghana (DBG) to stay focused as an enabler for businesses in Ghana and as a long-term capital provider in the market.
According to him, though, DBG is not required to maximize profit, the institution must work to remain financially sustainable with less reliance on capital injection from the government and ensure funds advanced to the Participating Financial Institutions are repaid when due in order to help DBG recycle capital.
“By the very nature of National Development Banks (NDBs), they are not required to be profit maximizers. However, to effectively discharge their mandates and limit the recourse to scarce public funds, they must be financially sustainable. In a 2021 research report, Fitch estimated that one-third of 84 African NDBs posted losses in 2019 and the trend continues”.
“Whilst NDBs are not profit-driven, consistently posting losses raises the need for continuous capital injection from a government that already has very little fiscal space to operate. This then opens the institution to government interference. To counteract this, DBG will have to manage its funding costs, operate at high levels of efficiency, and as much as possible employ funding structures that minimize credit losses”, he advised.
He added that it was also necessary for CBG to carefully identify the sectors where it could make the most impact and focus its lending and advocacy efforts appropriately. Since CBG’s inception, the bank has granted over GHS 1.5 billion to the SME sector, provided an SME Center dedicated for advisory services, introduced a program dubbed the CBG Adesua Series; partnered with Ghana Enterprises Agency (GEA) to disburse concessionary loans totaling GHS 154 billion to 34,000 SMEs, German International Cooperation (GIZ) to train 500 artisans, and GIRSAL in supporting the agricultural sector.
Welbeck is an executive with 45 years of high-level operating experience gained across diverse industries and businesses. He previously worked with Ghana Commercial Bank (GCB Bank) and the then Bank for Housing and Construction, rising through the ranks to MD of Amalgamated Bank (now BOA) where he led as an innovative strategist.
The vision of the bank is to be the preferred Ghanaian bank providing simple, secure and differentiated banking experience to customers.
Consolidated Bank Ghana Limited (CBG) is an Indigenous Ghanaian Universal Bank licensed by Bank of Ghana under the Specialized Deposit–Taking Institutions Act, 2016 (Act 930).
The Bank started operations on August 1, 2018. With its Corporate Head Office located in Accra, the Bank has 115 branches across 13 regions in Ghana.
