Development Bank board sworn in

A new chairman and six other members have been sworn into office to oversee the affairs of the Development Bank Ghana (DBG) as the board of directors.

The government, through an open and competitive selection process coordinated by PwC (Ghana), appointed Dr. Yaw Ansu, who will chair the board, and Messrs Stephan Leudesdorff, Charles Boamah, Rosemary Yeboah, Mary Boakye, Yaw Nsarkoh, and Nora Bannerman-Abbott to direct affairs of the DBG.

The Ministry of Finance, in a statement, said the board members were selected for their “relevant qualification, diversity of experience and skills, as well as their integrity” and were inaugurated on December 1, 2021, during which Dr. Yaw Ansu was elected chairman.

According to the statement, the new board chair brings to his role, over three decades of experience as a “respected economist” working in several countries.

“For 26 years (1984-2010), Dr. Ansu 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,” the statement indicated.

It said Mr. Ansu holds a Ph.D. and M.S in Engineering-Economic Systems from Stanford University, and a B.A. in Economics from Cornell University, U.S.A., noting that “the board appointment is in line with the relevant sections of the Development Finance Institutions Act 2020 (Act 1032, 2020) under which the bank is regulated by the Bank of Ghana.”

The Finance Ministry pointed out that the African Development Bank would have a seat on the board while the World Bank and KfW will each have observer status on the board.

Through a similar open and competitive process coordinated by PwC (Ghana), the board, in consultation with the Government, appointed Kwamina Bentsi Enchill Duker as the first Chief Executive Officer (CEO) of DBG.

Mr. Duker also brings to DBG over 30 years of 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.”

The ministry stated that until his new appointment, Mr. Duker was the Managing Director of Fidelity Bank, Asia, a subsidiary of Fidelity Bank Ghana with total assets of over GH¢105 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.”

“He was the CEO of OANDA Corporation where he had full oversight responsibility of the company’s operations with staff strength of over 200 and revenue of over US$100 million. He was until recently the Managing Director of Dwennimmen Group, an advisory firm that is passionate about connecting world-class expertise to Africa,” the statement noted.

It said Duker holds a Master of Business Administration from the University of California and a Bachelor of Science in Electrical and Electronic Engineering from Barking University, Essex, U.K.

The ministry said DBG would facilitate business growth and job creation and accelerate economic transformation by supporting the financial sector through Participating Financial Institutions (PFIs) in both the banking and capital market industries.

The primary focus areas of DBG are agribusiness (especially, off-farm value-chain activities), manufacturing, ICT and allied services, tourism, among others, and it is expected to propel economic growth, create jobs and improve domestic revenue mobilization.

“DBG has commenced operations with an initial total funding of over US$750 million from Government and notable Development Finance Institutions (DFLs),” the statement added.

The board has been tasked to rapidly establish its international pedigree and to scale up its resource envelope to drive the country’s economic transformation agenda in line with the Ghana Beyond Aid.