The Development Bank of Ghana (DBG) is set to have a new Chief Executive Officer (CEO) on September 29, 2025, the Minister of Finance, Dr Cassiel Ato Forson confirmed the appointment, adding that a reconstituted board for the bank will also be completed by the end of October.

He assured that President John Mahama remains committed to ensuring that DBG delivers on its mandate to drive Ghana’s transformation agenda.

The announcement follows the completion of an audit conducted by Deloitte, which was submitted to the Finance Ministry. The findings are expected to be presented to the Attorney General for the necessary legal steps.

The bank has faced governance concerns since last year, with the World Bank confirming it was reviewing allegations of financial mismanagement.

DBG has consistently denied any wrongdoing, insisting no development partner funds had been misapplied.

According to Dr Ato Forson, the government is taking decisive steps to restore confidence in the institution.

“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,” he wrote on his official X account.

He added that accountability will remain central to the bank’s operations going forward: “The past is behind us, and a new dawn has begun for DBG… those who contributed to weakening the institution will be held responsible.”

DBG’s interim board chair, Albert Essien, also reaffirmed the bank’s commitment to transparency, accountability, and prudent governance, with key development partners including the World Bank, AfDB, Germany’s KfW, and the European Investment Bank (EIB) backing the government’s restructuring efforts.

The Development Bank of Ghana was inaugurated on June 14, 2022, by then Bank of Ghana Governor Dr Ernest Addison.