The Development Bank of Ghana (DBG) will be getting a new Chief Executive Officer (CEO) today, Monday, September 29.
This was announced by the Finance Minister, Cassiel Ato Forson.
The Minister also stated that by the end of October, the process of constituting the new Board will be completed.
The Minister assured that President John Mahama remains resolute in ensuring that DBG fulfils its mandate to support Ghana’s transformation agenda.
This comes after the Professional Services firm, Deloitte, submitted its audit report on the Development Bank of Ghana (DBG) to the Minister of Finance.
Dr Cassiel Ato Forson, who announced this, said that the report will be presented to the Attorney-General for necessary legal actions.
There have been issues about the governance at DBG since last year, when the World Bank acknowledged it was reviewing allegations of financial mismanagement at the institution.
DBG has consistently denied the allegations, insisting that no development partner funds had been misapplied.
With Deloitte’s findings now complete, the government says it is moving quickly to reposition DBG. A new Chief Executive Officer, selected through a competitive process, will be announced on Monday, while a reconstituted Board is expected by the end of October.
The Finance Minister in a post on his X page on Friday September 26 said that “earlier today, I met with our key Development Partners — the World Bank, the African Development Bank (AfDB), Germany’s KfW, and the European Investment Bank (EIB) — to deliberate on the Deloitte Audit Report on the Development Bank Ghana (DBG) and the way forward for this vital institution. We reached a clear consensus: decisive action is required. The Audit Report will be handed over to the Attorney General for the necessary legal steps.
“I stressed that the past is behind us, and a new dawn has begun for DBG. The Bank is finalising its Corporate and Action Plans to build a stronger, more sustainable future. I also reminded the new management and Board that accountability is non-negotiable and those who contributed to weakening the institution will be held responsible.”
“By Monday, a competitively selected CEO will be formally appointed, and by the end of October, the process of constituting the new Board will be completed.
“DBG’s Interim Board Chair, Albert Essien, reaffirmed the Bank’s commitment to transparency, accountability, and prudent governance. Our partners welcomed these measures.”
DBG was commissioned on 14th June 2022 by then Governor of the Bank of Ghana, Dr Ernest Addison.