World Bank wades into Development Bank of Ghana issue

The World Bank Group has publicly announced its interest in the matter regarding the Development Bank of Ghana (DBG), that was set up to provide capital to the private sector. The DBG has been in the news over allegations of having misused and misapplied funds meant for private sector lending, which is its main mandate, running into several hundred million US dollars.

The DBG is alleged to have given questionable contracts and consultancies, to including one offshore company. Officials of the DBG have denied the allegations

The World Bank which is one of the financiers of the DBG has issued a statement saying it is engaging stakeholders to get clarification on the matter.

In a statement issued today and copied to Ghana Ghana Business News, the World Bank said it has been made aware of allegations surrounding the operation of the DBG, a beneficiary under the Ghana Development Finance Project supported by IDA.

“We take all fiduciary issues very seriously and we are engaging key partners to obtain full clarifications,” the World Bank said.

By Emmanuel K Dogbevi