The Development Bank Ghana (DBG) has firmly rejected allegations of financial mismanagement, amid claims it mishandled funds designated for its operations by international development partners.
In a statement on Monday, DBG described media reports accusing it of financial impropriety as containing “significant inaccuracies and falsehoods,” and warned that such claims risk undermining both the bank’s reputation and its commitment to Ghana’s economic progress.
DBG clarified that it was initially capitalised in 2021 with GHS1.135 billion (around $200 million) provided by the Ghanaian government, alongside further support from the African Development Bank. The bank dismissed suggestions that over GHS400 million had been misappropriated, stressing that its procurement procedures are “stringent, rigorous, and evolving in line with global best practices.”
The bank also disputed reports of a GHS700 million loss, instead pointing to sustained annual profits, including GHS80.1 million in 2023. Additionally, DBG addressed concerns about the handling of funds from the World Bank and the European Investment Bank, assuring that these credit lines are exclusively dedicated to on-lending through local financial institutions and are closely monitored.
The institution’s rebuttal comes amid heightened public scrutiny, as it seeks to reaffirm its role in promoting transparency and contributing to Ghana’s economic development.
Source:TheDotNews