[4] In 1998 he was nominated for the position of Prime Minister of Mongolia five times between July 24 and the end of August of that year, and rejected by President Natsagiin Bagabandi on each occasion.

In the end the Democratic Union gave up on getting Ganbold in as Prime Minister and instead nominated Janlavyn Narantsatsralt, whom was approved by the President of Mongolia.

Ganbold's father Davaadorj is a prominent Mongolian economist and until 2016 he served as a professor at the University of Finance and Economics.

Davaadorj, who was a close advisor to Yumjaagiin Tsedenbal, was the official representative of Mongolia in Moscow for the Comecon.

Later, Ganbold went back to Moscow State University and graduated with Doctor of Philosophy degree in economics in 1987.