There is growing pressure on the World Bank to publicly release findings from an independent audit it commissioned into the operations of Development Bank Ghana (DBG), as stakeholders eagerly await clarity on allegations of financial impropriety leveled against the bank’s former management.
The demand for transparency follows a wave of public scrutiny, especially after Vice President of IMANI Africa, Bright Simons, raised red flags over the bank’s use of public funds. Simons alleged that more than GH¢400 million may have been lost through questionable contracting, claiming that funds allocated to DBG had not been properly utilized to support Ghana’s development agenda.
In response to mounting concerns, the World Bank—one of DBG’s key development partners under the Ghana Development Finance Project backed by the International Development Association (IDA) commissioned a forensic audit by global accounting giant Deloitte. This was after the World Bank acknowledged awareness of the allegations and emphasized that it “takes all fiduciary issues very seriously.”
Sources close to The High Street Journal have confirmed that Deloitte has completed the audit and submitted its report to the World Bank. However, the contents remain tightly guarded, sparking public curiosity and a clamour for disclosure—especially given the Bank’s own stated commitment to transparency and accountability.
Though DBG’s former management had denied any misuse of funds, insiders suggest the findings could be damning. A previous internal audit by the bank itself, as well as an earlier one by the Bank of Ghana, reportedly flagged significant governance and financial lapses under the previous leadership.
Tensions are said to be rising within DBG, with internal rifts emerging among executives—some of whom are reportedly unhappy with colleagues perceived to have cooperated with auditors or exposed irregularities.
As speculation swirls and demands for answers grow louder, all eyes are now on the World Bank. Will it stay true to its transparency ethos and release the report, or will it withhold findings that could reshape the public’s trust in one of Ghana’s flagship development institutions?
