The government, through an open and competitive selection process coordinated by PwC (Ghana) has appointed a seven-member board of directors to oversee the affairs of Development Bank Ghana (DBG).
PwC indicated that the seven-member board were selected for their relevant qualification, diversity of experience and skills, as well as their integrity. The selected members are: Dr. Yaw Ansu, Stephan Leudesdorff, Charles Boamah, Rosemary Yeboah, Mary Boakye, Yaw Nsarkoh, and Nora Bannerman-Abbott.
The government has over the past four years, worked with key Development Partners such as the DFID, KFW, World Bank, European Investment Bank (EIB) and the African Development Bank (AfDB) in designing and establishing DBG to help address the gaps in the Ghanaian credit markets, especially the availability of medium and long-term finance for the private sector.
DBG is expected to facilitate business growth and job creation and accelerate economic transformation by supporting the financial sector through Participating Financial Institutions (PFI’s) in both the banking and capital market industries.
According to the government, it expects the board members to use their expertise to leverage on DBG’s strong financial position to support the growth of the private sector companies, create high quality jobs and enable Ghana’s private sector to compete more favorable within the AfCFTA framework.
The board is also tasked to rapidly establish its international pedigree and to scale up its resource envelop to drive the country’s economic transformation agenda in line with the Ghana Beyond Aid.
The African Development Bank (AfDB) will have a seat on the board while the World Bank and KfW will each have Observer status on the board.
The primary focus areas of DBG are agribusiness (especially, off-farm value-chain activities), manufacturing, ICT and allied services, tourism, among others, and it’s expected to propel economic growth, create jobs and improve domestic revenue mobilization.
DBG has become a key institution to promote private sector-led growth under the Ghana CARES Obaatanpa programme, which is an essential element for Ghana’s economic transformation post-covid.
DBG commenced operations with an initial total funding of over US$750 million from Government and notable Development Finance Institutions (DFI’s).
Profile of the Bank’s Chairman
Dr. Yaw Ansu was chosen to be the bank’s chairman. Dr. Yaw Ansu is a respected economist with over 36 years of professional experience spanning several countries.
For 26 years (1984-2010), he worked at the World Bank, holding various technical and managerial positions, including Country Director for Zambia, Zimbabwe and Nigeria, Sector Director for Human Development in Africa and Network Director and Chairman of the Sector Board for the Economists Network at the World Bank, Headquarters in Washington DC.
He holds a PhD and M.S in Engineering-Economic Systems from Stanford University, and a B.A. in Economics from Cornell University, U.S.A.
CEO of the bank
Kwamina Bentsi Enchill Duker was also appointed as the first chief executive officer of the Development of Bank Ghana (DBG).
Kwamina Duker, brings to DBG, over 30 years’ experience in finance and investment across different geographies including the UK, Asia and Ghana.
He has in-depth knowledge in Treasury and Foreign Exchange (FX) markets from Deutsche Bank (UK and Singapore), Nomura Bank (UK) and Midland Bank (UK) where he held various senior positions.
He was the Managing Director of Fidelity Bank, Asia, with total asset of over GHC105 billion within which he subsequently served as a board member.
He has served on the board of Consolidated Bank Ghana, and also assumed the role of Head of Global Markets FX and Deutsche Bank (UK) with assets under management in Europe of over €122 billion.
Duker holds a Master of Business Administration from University of California and a Bachelor of Science in Electrical and Electronic Engineering from Barking University, Essex, U.K.
The government tasked the board to rapidly establish its international pedigree and to scale up its resource envelop to drive the economy.
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