The Forson Doctrine (Spend Wisely, Guard the Gold, Stop Power Losses, HOLD OFFICIALS ACCOUNTABLE, and Work with Global Partners.), a quietly emerging governance ethos attributed to Ghana’s current Finance Minister, has moved from principle to action. At its heart lies a non-negotiable ideal: public office must come with public accountability. That ideal now finds its real enforcement in the decision to terminate the board chair and all five original non-executive directors of Development Bank Ghana (DBG), following the conclusion of a forensic audit.
This sweeping action by the Ministry of Finance comes in response to months of public suspicion and growing concern over DBG’s financial and governance integrity. Once heralded as a cornerstone institution for Ghana’s development finance landscape, DBG had increasingly become mired in controversy. The allegations were troubling and persistent, ranging from reported losses of over GH₵ 700 million through questionable treasury practices, to a further GH₵ 400 million in allegedly dubious sole-sourced contracts. Reports also pointed to extravagant spending on executive furniture and IT systems, all while the bank’s core mandate appeared to be veering off course.
While the World Bank and the European Investment Bank had provided significant backing for DBG, primarily through on-lending facilities to support private sector development, it was not long before questions began to arise over how these funds were managed. Civil society voices, including Bright Simons of IMANI Africa, were among the first to raise red flags, arguing that the institution lacked strong procurement oversight, and warning that funds intended to drive inclusive economic transformation were at risk of misuse.
In its defense, DBG issued a firm rebuttal. The bank dismissed the allegations as false and misleading, stating that its initial capitalization came not from external lenders but from the Government of Ghana, to the tune of GH₵ 1.135 billion. It maintained that donor funds were not used for internal expenses and insisted that its operations were guided by international best practices. DBG further claimed that audited financial statements showed consistent profitability since inception, and that its investments in technology and infrastructure were essential to modern banking standards.
Yet, even as DBG defended its operations, events inside the institution suggested a deeper crisis. The resignations of two respected independent board members, Yaw Nsarkoh and Mary Boakye, were officially described as the end of their terms, but internal accounts indicated growing frustration with governance lapses. Simultaneously, the exits of DBG’s Chief Financial Officer and Chief Economist raised more questions than answers.
Though the CFO’s departure was publicly attributed to health concerns, sources familiar with the matter revealed deeper dissatisfaction with the bank’s financial discipline and oversight environment. The Chief Economist, reportedly at odds with management over transparency and policy direction, also stepped down under a cloud of operational tension.
It was against this backdrop that the World Bank, acknowledging growing concerns and reaffirming its commitment to fiduciary integrity, commissioned a forensic audit of DBG, led by Deloitte. While the final audit report has not yet been made public, its impact is now clear. The decision by the Finance Minister to dismiss the entire non-executive board leadership of DBG is a direct outcome of that audit and confirms that the findings were not only serious but institutional in scope.
The significance of this decision cannot be overstated. DBG was designed to be Ghana’s premier development finance engine, non-political, independent, and technocratic. The scale of these removals signals not isolated missteps but deep structural failures that demanded high-level intervention. In doing so, the Finance Minister has activated what many now view as a key pillar of the Forson Doctrine: the uncompromising accountability of officials entrusted with public mandates.
This move builds on a consistent track record. Since assuming office, the Finance Minister has championed reforms aimed at strengthening financial governance and rooting out corruption across government agencies. His emphasis on transparency, fiscal discipline, and institutional responsibility has earned respect both locally and among Ghana’s international partners. The “Forson Doctrine,” while still evolving, reflects this vision of public service as a sacred trust that demands results and consequences.
By holding officials accountable in high-profile cases like DBG, the Finance Minister is not only reinforcing his doctrine but also cultivating a culture where good governance is expected and enforced. This approach has begun to restore public confidence in institutions long plagued by opacity and impunity.
Indeed, the principle of accountability is not fulfilled by firings alone. It must be embedded into the very governance architecture that failed to prevent these issues in the first place. That means reforming DBG’s internal control systems, tightening procurement protocols, and creating a culture in which transparency is routine, not reactive.
