Ofori-Atta’s Databank made $9.2m from Ghana’s borrowing in 3 years – Manasseh's book reveals

Investment bank, Databank, co-founded by the former Finance Minister, Ken Ofori-Atta has been reported to have earned a total amount of $9.2 million from Ghana's borrowing through domestic and Eurobonds between 2018 and 2021.

This was revealed in the newly launched booked by investigative Journalist Manasseh Azure Awuni latest book titled, ‘The President Ghana Never Got’.

In the book launched on Thursday, August 8, 2024, Mr Azure said documents he attained from the Finance Ministry through the Right to Information revealed that Databank was contracted once in 2007 before Mr Ofori-Atta became Finance Minister.

However, since Mr Ofori-Atta assumed office, the trend changed making Databank, a company he co-founded, together with two other financial institutions - Fidelity Bank, and IC Securities - becoming regular book runners for the government.

“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.

Manasseh further revealed that in the domestic bond market within the same period, the government borrowed GH?79.21 billion, and 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,” parts of the book read.

Per the revelations, the author concluded that the former Finance Minister benefited from the nation's woes of high debt.

Mr Awuni’s book is his latest project on successive governments. In 2016, when the country’s former President, John Dramani Mahama was preparing to leave office, Manasseh released a book on him titled “The Fourth John: Reign, Rejection & Rebound”.

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