According to reports, between 2018 and 2021, Ghana’s borrowing through domestic and Eurobonds brought in a total of $9.2 million for the investment bank Databank, which was co-founded by the former Finance Minister, Ken Ofori-Atta.
This was made public in Manasseh Azure Awuni’s most recent investigative journalism book, “The President Ghana Never Got,” which was released on Thursday, August 8.
Databank was hired once in 2007 prior to Mr. Ofori-Atta becoming Finance Minister, according to records Mr. Azure obtained from the Finance Ministry via the Right to Information. The book has 409 pages.
Since Mr. Ofori-Atta took office, the tendency has reversed, and Databank—a business he co-founded with Fidelity Bank and IC Securities—became a regular bookrunner 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.
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,” portions 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”.