Investment bank Databank, co-founded by former Finance Minister Ken Ofori Atta, allegedly earned $9.2 million from Ghana’s domestic and Eurobond borrowing between 2018 and 2021 as revealed in Manasseh Azure Awuni’s latest book, The President Ghana Never Got
Manasseh Azure Awuni with his book ‘The President Ghana Never Got’
Photo of Manasseh Azure Awuni with his book ‘The President Ghana Never Got’
This revelation comes from investigative journalist Manasseh Azure Awuni’s latest book, The President Ghana Never Got, launched on August 8. According to documents obtained by Mr.
Mr. Azure through a Right to Information request, Databank was contracted only once in 2007 before Ofori-Atta became Finance Minister. However, after he took office, Databank, along with Fidelity Bank and IC Securities, frequently served as book runners for government loans.
Excerpts of Manasseh Azure Awuni’s latest book, The President Ghana Never Got, That Alleges about Finance Minister Ken Ofori Atta.
“There was no Eurobond in 2017. In 2018, Ghana issued a US$2 billion Eurobond. The three financial companies—Fidelity Bank, IC Securities and Databank—earned US$375,000 each as Co-Managers (CoM). In 2019, Ghana issued a US$3 billion Eurobond. The three companies—Fidelity Bank, IC Securities, and Databank—again received US$375,000 each as Co-Managers (CoM) fees and US$50,000 as sub-CoM. In 2020, Ghana issued another US$3 billion Eurobond. The three companies—Fidelity Bank, IC Securities, and Databank—earned US$375,000 each as Co-Managers (CoM) fees and US$50,000 as CoM. In 2021, Ghana issued a US$3.025 billion Eurobond. Four Companies—Fidelity Bank, IC Securities, Temple Investment and Databank— earned US$166,375 each as Co-Managers (CoM).
“So, between 2018 and June 2021, the Finance Minister’s Databank earned US$1,182,750 from Ghana’s borrowing through Eurobonds under his signature.
The writer further revealed that in the domestic bond market within the same period, the government borrowed GH₵79.21 billion.
Again, Databank provided services, for which it was paid GH₵48.2 million.
“Together with the Eurobond, Databank earned GH₵55,26782 million between 2018 and 2021. This was about US$9.2 at the time,” – Excerpts of the Book highlighted.
