Databank earned $9.2 million from Ghana’s borrowing under Ken Ofori-Atta’s Tenure, Manasseh Azure Awuni’s latest book reveals

Databank, an investment bank co-founded by former Finance Minister Ken Ofori-Atta, reportedly earned $9.2 million from Ghana’s domestic and Eurobond borrowing between 2018 and 2021.

This revelation is detailed in investigative journalist Manasseh Azure Awuni’s latest book, “The President Ghana Never Got”, which was launched on Thursday, August 8.

In the 409-page book, Mr. Azure reveals that documents obtained from the Ministry of Finance through the Right to Information Act show that Databank was contracted only once in 2007, before Mr. Ofori-Atta became Finance Minister.

However, after his appointment, Databank, along with two other financial institutions—Fidelity Bank and IC Securities—became regular bookrunners for the government.

“There was no Eurobond in 2017. In 2018, Ghana issued a $2 billion Eurobond. The three financial companies—Fidelity Bank, IC Securities, and Databank—earned $375,000 each as Co-Managers. In 2019, Ghana issued a $3 billion Eurobond. The three companies again received $375,000 each as Co-Managers and $50,000 as sub-Co-Managers. In 2020, Ghana issued another $3 billion Eurobond, and the same three companies earned $375,000 each as Co-Managers and $50,000 as Co-Managers. In 2021, Ghana issued a $3.025 billion Eurobond, and four companies—Fidelity Bank, IC Securities, Temple Investment, and Databank—earned $166,375 each as Co-Managers,” the book details.

According to the book, between 2018 and June 2021, Databank earned $1,182,750 from Ghana’s Eurobond borrowing under Mr. Ofori-Atta’s leadership. In addition, the government borrowed GH₵79.21 billion in the domestic bond market during the same period, for which Databank was paid GH₵48.2 million for its services.

“Combined with the Eurobond earnings, Databank made a total of GH₵55.26 million between 2018 and 2021, equivalent to about $9.2 million at the time,” the book notes.

The author concludes that the former Finance Minister profited from the nation’s rising debt levels.

This book is Mr. Awuni’s latest project on Ghana’s political landscape. In 2016, as former President John Dramani Mahama was preparing to leave office, Mr. Awuni released a book titled “The Fourth John: Reign, Rejection & Rebound”, which also scrutinized the actions of a sitting government.