Development Bank Ghana (DBG) has announced the appointment of Dr. Randolph Nsor-Ambala as its new Chief Executive Officer (CEO), effective January 21, 2025. This leadership change marks a significant milestone for DBG as it continues its mission to bolster Ghana’s economic development through strategic financial interventions.
Dr. Nsor-Ambala is a seasoned professional in development finance, bringing extensive executive experience from multinational corporations such as Promasidor Ghana Limited, Coca-Cola, Diageo, and MTN. Over the past 15 years, he has been involved in development assignments funded by various partners across sectors, including agriculture, manufacturing, education, ICT, governance, energy, and health. His work has focused on positioning the private sector as a driver of growth, promoting gender parity, addressing climate change, and empowering marginalized and vulnerable populations. Board Chairman Dr. Yaw Ansu expressed gratitude to the outgoing CEO, K. Duker, for his contributions and welcomed Dr. Nsor-Ambala, stating that the board is confident in his ability to lead DBG into a new era of strategic growth.
Established in 2021, DBG is a government-owned development finance institution designed to provide long-term financing to Ghana’s private sector. The bank operates as a wholesale entity, offering funds to existing financial institutions for on-lending to businesses, particularly focusing on micro, small, and medium enterprises (MSMEs) in sectors such as agribusiness, manufacturing, and high-value services. This approach aims to alleviate financing constraints faced by these enterprises and stimulate sustainable economic growth. DBG’s establishment was supported by international development partners, including the World Bank, the European Investment Bank (EIB), and the German Development Bank (KfW). The bank’s model was inspired by successful development finance institutions like Germany’s KfW Banking Group, which played a central role in the reconstruction and transformation of the German economy after World War II. Ghana’s Minister of Finance, Ken Ofori-Atta, highlighted this inspiration, emphasizing the government’s intent to strengthen support to the private sector through DBG to drive economic growth and transformation.
DBG’s core mandate includes providing long-term financing and de-risking services underpinned by technology and evidence-based research insights. Since its inception, the bank has played a pivotal role in Ghana’s financial landscape, particularly supporting key sectors such as agriculture and technology. As of May 2024, DBG had disbursed over GHS 1.3 billion in loans, offering strategic financial interventions that have helped stabilize and grow these industries, even during periods of economic uncertainty. The bank collaborates with private financial institutions, including local commercial banks, microfinance institutions, and cooperative banks, to channel funds to SMEs. This partnership aims to address challenges such as the need for medium- to long-term financing, strengthening the risk-bearing capacity of local banks, and creating sufficient access to formal credit opportunities for companies in various key sectors.
Under Dr. Nsor-Ambala’s leadership, DBG is expected to continue its focus on innovation and catalytic interventions, accelerating impact investing and technical assistance to propel transformative growth led by the private sector. The bank aims to enhance access to long-term finance, foster women’s economic empowerment, promote environmentally friendly initiatives, and align with contemporary Environmental, Social, and Governance (ESG) practices.
