The Ministry of Finance, has announced the immediate termination of Dr Yaw Ansu’s appointment as an Independent Director of Development Bank Ghana (DBG) Ltd., citing recent audit findings as the basis for the decision.

In a formal communication dated June 11, 2025 and addressed to the director in question, who also serves as Board Chairman of Development Bank Ghana Ltd, the Ministry, acknowledged receipt of his resignation letter dated 3rd June 2025.

However, the Ministry, referencing Clause 3.4 (vi) of the individual’s contract signed on 24th January 2024, stated that the termination was being effected with immediate effect due to concerns arising from a series of audit reports.

The letter, signed by the Minister for Finance, Dr Cassiel Ato Forson, referenced three critical audit exercises: a Procurement Review, a Value-for-Money Review, and a Forensic Investigation Report, all of which were conducted regarding operations at DBG.

“In light of the recent audit findings… we are writing to terminate your appointment as Independent Director with immediate effect,” the Ministry stated.

The letter further requested the immediate return of any company property in the former director’s possession and concluded with an expression of appreciation for the individual’s service to the nation.

Copies of the letter were sent to key government offices, including the Chief of Staff, the Secretary to the President, the Deputy Minister of Finance, and several senior officials within the Ministry of Finance and DBG.

The move comes amid heightened scrutiny of public financial institutions and a broader government push to ensure accountability, professionalism, and ethical conduct across state-owned enterprises.

In February this year, the Development Bank Ghana (DBG) announced Dr. Randolph Nsor-Ambala as its new Chief Executive Officer (CEO), effective 21 January 2025. 

The dismissed Board Chairman, Dr. Yaw Ansu, who made the announcement, expressed gratitude to K. Duker, then the CEO, for his contributions to the bank and welcomed the new CEO. He expressed the confidence of the entire Board in the new leadership and pledged their total support. 

The Bank observed in a statement that Dr. Nsor-Ambala is a development finance professional with several years of executive leadership experience in multisectoral corporate organisations, including Promasidor Ghana Limited, Coca-Cola, Diageo, and MTN.

Over the past 15 years, Randolph has been involved in development assignments funded by development partners within the agriculture, manufacturing, education, ICT, governance, energy, and health sectors. These assignments aim to position the private sector as the engine of growth, improve gender parity, address climate change, and unleash possibilities for marginalised, underserved, and vulnerable persons. 

The statement said his appointment marks a new era of strategic growth, reinforcing DBG’s commitment to fostering a competitive and resilient private sector in Ghana.

“As DBG transitions into this new phase, the Bank remains steadfast in its mission to accelerate inclusive and sustainable economic transformation.

“Under Dr. Nsor-Ambala’s leadership, DBG expects to be innovative and catalytic, accelerating impact investing and technical assistance to propel transformative growth led by the private sector through access to long-term finance, fostering women’s economic empowerment, promoting environmentally friendly actions and aligning with contemporary ESG practices.

“Since its inception three years ago, DBG’s wholesale financing model has facilitated significant disbursements through Participating Financial Institutions (PFIs), unlocking projects and value chains to empower several businesses across agribusiness, manufacturing, ICT, and high-value services.

 The Bank continues to be dedicated to bridging the MSME financing gap to ensure that Ghanaian businesses gain access to long-term, competitively priced capital, fostering resilience, innovation, and sustainable growth,” said the statement issued by the Communication Department.