Finance Minister, Dr. Cassiel Ato Forson, has announced that the much-anticipated Deloitte audit report on Development Bank Ghana (DBG) will be submitted to the Attorney General for potential legal action.
The announcement marks a significant turning point in a scandal that has rattled the country’s financial sector and attracted scrutiny from global development heavyweights. Dr. Forson, calling it “a new dawn” for the state-backed lender, signaled that accountability would no longer be optional.
The decision comes after extensive consultations with major development partners — including the World Bank, African Development Bank, Germany’s KfW, and the European Investment Bank — all of whom reportedly backed the government’s firm stance that transparency at DBG is “non-negotiable.”
“The individuals found culpable will face the full consequences,” Dr. Forson vowed, underscoring the need for urgent reforms to salvage the bank’s reputation.
The scandal, which first came to light last year, escalated following explosive allegations of financial mismanagement involving over GH¢400 million. The claims — initially flagged by policy think tank IMANI Africa and its Vice President, Bright Simons — pointed to irregular contracting and governance failures within the bank. The World Bank later confirmed it was reviewing the matter.
While DBG has repeatedly denied any wrongdoing, insisting that no development partner funds were misused, the completion of the Deloitte audit appears to have shifted the government’s posture from defensive to proactive.
In a bid to turn the page, the government is moving fast. A new CEO — chosen through what officials describe as a competitive, transparent process — will be unveiled Monday. A reconstituted Board is expected by the end of October.
Albert Essien, who currently chairs the Interim Board, has pledged to champion a new era of transparency and strong governance. Development partners have welcomed the shake-up, viewing it as a critical step in realigning DBG with its founding mission: financing Ghana’s economic transformation.
For many, the next few weeks will be a test of the government’s resolve. As the Deloitte report heads to the Attorney General’s office, all eyes will be on whether real accountability follows the rhetoric.
