Ofori-Atta's Databank made US$9.2m in Eurobonds, domestic bonds in 3 years - Manasseh's new book reveals

Renowned investigative journalist Manasseh Azure Awuni, in his latest publication, ‘The President Ghana Never Got’, has disclosed how some individuals in the Nana Addo Dankwa Akufo-Addo government benefited from Ghana’s woes of high indebtedness.

In his 409-page book, the journalist shared copies of documents he obtained from the Ministry of Finance through a Right to Information request, which showed that the bank of former Minister of Finance Ken Ofori-Atta, Databank, made millions of dollars from the country’s indebtedness.

Details of the book, which were published by myjoyonline.com, showed that as Ofori-Atta was signing debt instruments which were pushing the country into a ditch, Databank was making millions of dollars.

The bank, together with two other financial institutions, became the regular facilitator of the Akufo-Addo government’s borrowing when Ofori-Atta became finance minister, and it benefited greatly from both Ghana’s international and domestic debts.

The documents disclosed that Ofori-Atta’s Databank made a whopping US$9.2 million through the loan agreements it facilitated for the country while he (Ofori-Atta) was in office.

Below is a breakdown of the US$9.2 million as documented in Manasseh Awuni’s ‘The President Ghana Never Got’, according to myjoyonline.com:

“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.

Databank was also paid GH¢48.2 million when it helped the government borrow GH¢79.21 billion in the domestic bond market within the same period.

“Together with the Eurobond, Databank earned GH¢55,267,82 million between 2018 and 2021. This was about US$9.2m at the time,” portions of the book read.

BAI/ADG

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