The capital was subsequently increased by GHS268.60 million (equivalent to US$38.3 million at that time) from the African Development Bank (AfDB) through the Government.

The bank also rejected claims that over GHS400 million was lost through improper contracting, emphasizing its stringent procurement policies.

"This allegation does not stand up to any of the several external audits including the regulatory audit. Our procurement processes remain stringent, rigorous, and evolving in line with best global practices," it said in a statement.

Furthermore, DBG dismissed iclaims it made GHS700 million in losses, instead highlighting consistent annual profits since its inception, including GHS80.1 million in 2023.

"DBG expects to end 2024 with a net profit, despite the challenging operating environment.
DBG also denied misusing World Bank and European Investment Bank funds, noting these credit lines were strictly monitored and used exclusively for on-lending through financial institutions.

"We take seriously the prudent use and application of funds. Again, a careful review and understanding of the operational structure of DBG will reveal that funds from the World Bank and the EIB are credit lines that are only drawn upon for on-lending in tranches, based on pipelines presented to DBG by our Participating Financial Institutions (PFIs) and approved by DBG.

Such funds are not available for DBG to use on itself and therefore can never be used for administrative or capital expenditures or spent "like water" as alleged. The World Bank, the EIB and other providers of funds to DBG regularly monitor the use of such funds and issue reports on the results of such monitoring."

It said DBG's governance structure had not been undermined or manipulated leading to a fight-for-turf, adding that since its creation, DBG had installed the necessary strong governance structures, systems, and processes to help assure the efficient achievement of its mandate to catalyse the economic transformation of Ghana.

These include well-defined procurement policies and processes and robust systems of internal control, including a strong internal audit function that works together with management and reports regularly and directly to the Board of Directors.

"It is important to note that the document which is the basis of the publications in the media is not an approved, final, or concluded one.

As part of the internal audit process, this document is scheduled to be examined by the DBG Board at the next meeting scheduled for this month. In line with our commitment to transparency, we are however providing clarifications on a few of the inaccuracies published."

Development Bank Ghana Ltd (DBG or the Bank) was established as a wholesale Development Finance Institution (DFI) under the Development Finance Institutions Act, 2020 (Act 1032), with a mandate to accelerate Ghana's economic transformation.

By providing medium-to- long-term financing to high-impact sectors-including agribusiness, manufacturing, ICT, and high-value services, DBG is supporting the growth of Ghana's private sector. DBG's model and governance structure is a tried and tested one which has delivered significant performance in several countries across the world, including some in Europe.