Kwamina Bentsi Enchill Duker appointed first CEO of Development Bank Ghana

Former Managing Director of Fidelity Bank Asia, Kwamina Bentsi Enchill Duker, has been appointed as the first Chief Executive of the Development Bank Ghana (DBG).

It has been noted that this appointment was after an extensive search by accounting firm PWC in consultation with government and other development partners.

Mr. Kwamina Duker, the newly appointed CEO brings to DBG, over 30 years’ 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.

He was the Managing Director of Fidelity Bank, Asia, a subsidiary of Fidelity Bank Ghana with total asset of over GHC 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.

Educational background

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

New Board for DBG

Government has appointed a 7 member board to oversee the operations of the Bank. Sources say after its firm meeting, the members elected Economist, Dr. Yaw Ansu, who has over 36 years of experience working on international institutions like the World Bank.

Dr. Yaw Ansu is a respected economist with over 36 years of professional experience spanning 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.

He holds a PhD and M.S in Engineering-Economic Systems from Stanford University, and a B.A. in Economics from Cornell University, U.S.A.

Government sources say 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

Other members on the board includes Mr. Stephan Leudesdorff, Mr. Charles Boamah, Ms. Rosemary Yeboah, Ms. Mary Boakye, Mr. Yaw Nsarkoh, and Ms. Nora Bannerman-Abbott.

They were selected for their relevant qualification, diversity of experience and skills, as well as their integrity

It has been noted that the African Development Bank will also have a seat on the board, while the World Bank and German Development Corporation KFW will each have observer status.

Government on these appointments and progress of work of the DBG

Government has maintained that over the past four years, they have worked with key Development Partners such as the DFID, KFW, World Bank, European Investment Bank (EIB) and the African Development Bank (AfDB) in designing and establishing DBG to help address the gaps in the Ghanaian credit markets, especially the availability of medium and long-term finance for the private sector.

DBG will facilitate business growth and job creation and accelerate economic transformation by supporting the financial sector through Participating Financial Institutions (PFI’s) 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’s expected to propel economic growth, create jobs and improve domestic revenue mobilization.

DBG has become a key institution to promote private sector-led growth under the Ghana CARES Obaatanpa programme, which is an essential element for Ghana’s economic transformation post-covid. DBG has commenced operations with an initial total funding of over US$750 million from Government and notable Development Finance Institutions (DFI’s).

The Government expects DBG to use its strong financial position to support the growth of the private sector companies, create high quality jobs and enable Ghana’s private sector to compete more favorable within the AfCFTA framework. The Board has been tasked to rapidly establish its international pedigree and to scale up its resource envelop to drive the country’s economic transformation agenda in line with the Ghana Beyond Aid.