Finance Minister Dr Ato Forson Sacks Independent Director at Development Bank Ghana

• The Ministry of Finance has dismissed Dr Yaw Ansu as the Independent Director of the Development Bank Ghana (DBG)
• The termination follows findings from a Procurement Review, Value for Money Review, and Forensic Investigation Report
• Dr Forson’s decision aims to restore public trust in the bank’s operations, with plans for a board restructuring to enhance transparency and accountability

The Ministry of Finance has terminated the appointment of Dr Yaw Ansu as the Independent Director of the Development Bank Ghana (DBG), effective June 19, 2025.

According to a letter signed by the Finance Minister, Dr Cassiel Ato Forson, the decision was made in response to recent audit findings that identified governance lapses within the institution, requiring immediate corrective action.

"In accordance with Clause 3.4 (viii) of your contract dated January 24, 2024, and in light of the recent audit findings, namely the Procurement Review, Value for Money Review, and Forensic Investigation Report relating to the Bank, we are writing to terminate your appointment as Director with immediate effect," portions of the letter read.

The audit reports, according to the Finance Minister's letter, raised serious concerns about the bank's internal controls and board oversight.

Dr Forson stated that this prompted the ministry to take swift action to restore public trust in the bank's operations.

The removal of the independent director is expected to pave the way for a board restructuring aimed at strengthening transparency and accountability.

The letter signed by the Minister appears to be a response to an earlier letter written to the ministry by Dr Ansu on June 2, 2025, announcing his resignation from DBG.

Below is the Finance Ministry's letter terminating the employment of the Independent Director of the DBG.

DBG's role in Ghana's development strategy

DBG plays a central role in Ghana's economic development strategy, providing long-term financing to businesses and supporting private sector growth.

The bank was established in 2020 by the previous administration led by former President Akufo-Addo to drive economic growth and development. However, the bank received its license from the regulator at the Bank of Ghana in 2021.

The DBG acts as the enabler for businesses in Ghana and as a long-term capital provider in the market.

Dr Forson's decision to sack the independent director demonstrates the government's commitment to ensuring transparency and accountability in the management of state institutions.

The restructuring of the board is expected to improve the bank's governance and oversight practices.

Dr Johnson Asiamah appointed as BoG Governor

Meanwhile, YEN.com.gh reported earlier that President John Mahama nominated Dr Johnson Asiamah to serve as Governor of the Bank of Ghana (BoG).

Asiamah previously served as a Second Deputy Governor of the Bank of Ghana between 2016 and 2017.

The former Governor, Dr Ernest Addison proceeded on leave ahead of his retirement after serving two terms.

Many Ghanaians took to social media to congratulate Dr Asiamah on his appointment as the head of the BoG.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh