<\/p>\n
The World Bank has noted that it is aware of allegations that the Development Bank Ghana has been mismanaging funds.<\/p>\n
According to the institution, it takes such allegations seriously and has launched due investigations into the matter.<\/p>\n
The Development Bank Ghana is a beneficiary under the Ghana Development Finance Project supported by the International Development Association (IDA).<\/p>\n
In a short statement quoted by myjoyonline.com, the World Bank said: “We take all fiduciary issues very seriously, and we are engaging key partners to obtain full clarifications.”<\/p>\n
Meanwhile, the Development Bank Ghana has refuted claims that it misused funds allocated for its operations by the country’s development partners.<\/p>\n
In a statement, the bank describes the media reports as “significant inaccuracies and falsehoods.”<\/p>\n
DBG said these claims undermine the institution’s commitment to transparency and Ghana’s economic transformation.<\/p>\n
DBG clarified that it was initially capitalised with GH\u00a21.135 billion (approximately $200 million at the time) by the Ghanaian government in 2021, with additional funding from the African Development Bank.<\/p>\n
It also rejected claims that it misappropriated over GH\u00a2400 million, emphasising its stringent procurement policies. <\/p>\n
In a statement released on November 13, DBG noted, “Our procurement processes remain stringent, rigorous, and evolving in line with best global practices.”<\/p>\n
Also, DBG dispelled assertions that it incurred GH\u00a2700 million in losses, instead highlighting consistent annual profits since its inception, including GH\u00a280.1 million in 2023.<\/p>\n
DBG said the allegations about the misuse of World Bank and European Investment Bank funds are false.<\/p>\n
It added that these credit lines are strictly monitored and used exclusively for on-lending through financial institutions.<\/p>\n
SSD\/OGB<\/p>\n
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