Ghana’s Ministry of Finance has dismissed the entire non-executive board of Development Bank Ghana (DBG) following a damning forensic audit that revealed widespread governance failures and questionable transactions totaling GH¢1.1 billion.
The audit, conducted by global consultancy Deloitte and commissioned by the World Bank, uncovered serious financial irregularities within the state development lender.
These included GH¢700 million in risky and opaque treasury placements, alongside GH¢400 million awarded through non-competitive contracts.
Investigators also flagged lavish spending on executive office renovations—despite minimal progress on the bank’s core mission of development financing.
Reacting to the findings, Finance Minister Mohammed Amin Adam authorized the immediate removal of the bank’s chairperson and five other non-executive directors, citing an urgent need to restore public trust and financial integrity.
“This action demonstrates our zero-tolerance policy for mismanagement of public resources,” a spokesperson for the ministry said.
The ministry emphasized that the intervention was part of a broader post-2023 reform agenda aimed at improving transparency and accountability across public financial institutions.
Launched in 2021 with $750 million in funding commitments from global development partners, DBG was designed to serve as a catalyst for private sector growth in Ghana by offering long-term financing to businesses.
However, the audit findings and recent resignations of two independent board members and several top executives have raised alarm over the bank’s internal controls and leadership effectiveness.
Though DBG has insisted that its GH¢1.135 billion capital base originates from government sources and that its books remain in profit, analysts say the audit revelations point to deeper institutional rot that could jeopardize donor confidence and investment.
The Finance Ministry announced it will appoint a new board within 30 days and implement enhanced oversight and governance protocols.
International observers, including the World Bank, are closely monitoring the situation as Ghana seeks to maintain access to vital development financing while tightening public sector financial discipline.
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