Ghana's Finance Minister Terminates DBG Independent Director Over Damning Audit Findings
Dr. Ato Forson sacks an Independent Director of Development Bank Ghana after audits expose irregularities. The termination letter cites serious findings from procurement and forensic investigations.
Edem Latsu Nukafu 
The Minister for Finance, Dr. Cassiel Ato Forson, has terminated the appointment of an Independent Director of the Development Bank Ghana (DBG), citing damning audit findings. The dismissal, effective immediately, was communicated through an official letter dated 17th June 2025.
According to the Ministry, the action follows the outcome of multiple investigations into the bank’s operations, including a Procurement Review, Value for Money Assessment, and a Forensic Investigation Report.
Though the affected director had already submitted a resignation letter dated 3rd June 2025, the Finance Ministry opted to activate Clause 3.4 (viii) of the contract agreement signed on 24th January 2024, which allows for immediate termination under such circumstances.
“In light of the recent audit findings… we are writing to terminate your appointment as Independent Director with immediate effect,” stated the termination letter signed by Dr. Forson.
The Minister further instructed the director to return all company property and expressed appreciation for their prior contributions to national development.
Background and Wider Implications
This decisive action comes amid heightened calls for transparency and accountability within state-owned enterprises. The Development Bank Ghana, a government-backed institution established to promote long-term financing and support private sector growth, has been under increasing scrutiny.
The termination letter was officially addressed to Dr. Yaw Ansu, Board Chairman of DBG, and copied to several key offices including the Chief of Staff, Deputy Finance Minister, Legal and FSD Directors at the Ministry of Finance, and the Acting Managing Director of DBG.
Observers view the move as part of the Finance Ministry's broader effort to restore confidence in the governance of public financial institutions.
Financial analysts and civil society actors have praised the Ministry's swift response, describing it as a “clear message of zero tolerance for mismanagement and misconduct.”
As the story develops, questions remain about the specific contents of the audit reports and whether further changes could follow at the bank’s executive level.
