By Prince Ahenkorah
Ghana’s financial sector is on the verge of a major reset as government and its development partners unveil sweeping reforms for the Development Bank Ghana (DBG), following revelations from a Deloitte audit report.
The report, which exposed governance lapses and operational weaknesses, triggered an emergency meeting in Accra between Finance Minister Dr. Cassiel Ato Forson and senior representatives of the World Bank, African Development Bank (AfDB), Germany’s KfW, and the European Investment Bank (EIB).
At the close of discussions, all parties pledged to anchor the bank’s future on three core principles; accountability, reform, and renewal.
To underline that commitment, the government confirmed that the audit report would be handed over to the Attorney General for legal action against individuals implicated in undermining DBG’s mandate.
Dr. Forson struck a firm tone after the meeting, declaring that accountability is non-negotiable and insisting that there will be no sacred cows. His statement has been welcomed as a clear signal that the government intends not only to safeguard DBG’s future but also to hold past managers to account.
Despite the turbulence, the Finance Minister described this moment as a “new dawn” for DBG, noting that the bank is finalizing its Corporate and Action Plans to guide its role in Ghana’s transformation agenda. President John Mahama, he said, remains committed to ensuring DBG delivers on its original mission; driving industrialization and economic growth.
The reforms include a major leadership overhaul. A new Chief Executive Officer is expected to be appointed through a competitive process, while a reconstituted board will be in place by the end of October.
According to Dr. Forson, this leadership transition is vital to rebuilding credibility and competence at the bank. Interim Board Chair Albert Essien echoed this, affirming that DBG’s future will be guided by “transparency, accountability, and prudent governance.”
The participation of major development partners underscored the international community’s stake in DBG’s success. The World Bank, AfDB, KfW, and EIB all expressed strong support for the reforms, promising both technical assistance and financial backing.
Their endorsement boosts investor confidence and strengthens Ghana’s resolve to reposition the bank as a cornerstone of its economic strategy.
The referral of the Deloitte audit report to the Attorney General further highlights the seriousness of the government’s approach. Legal experts note that the move opens the door for prosecutions or sanctions should evidence of misconduct be confirmed.
Looking ahead, the focus will be on realigning DBG’s operations to better fulfil its mandate of providing long-term financing for strategic sectors such as agriculture, manufacturing, and infrastructure.