- Databank earned $9.2 million from Ghana's borrowing
- The book was launched on August 8
- Databank earned GH₵48.2 million
A new book by investigative journalist Manasseh Azure Awuni reveals that Databank, an investment bank co-founded by former Finance Minister Ken Ofori-Atta, earned $9.2 million from Ghana’s borrowing between 2018 and 2021.
Findings from “The President Ghana Never Got”
The book, launched on August 8, cites documents from the Finance Ministry obtained through the Right to Information Act.
According to the documents, Databank was contracted once in 2007 but became a regular book runner for the government after Ofori-Atta assumed office.
Eurobond Earnings
Databank earned:
- $375,000 in 2018 as a Co-Manager for a $2 billion Eurobond
- $375,000 in 2019 as a Co-Manager for a $3 billion Eurobond, plus $50,000 as a sub-Co-Manager
- $375,000 in 2020 as a Co-Manager for a $3 billion Eurobond, plus $50,000 as a Co-Manager
- $166,375 in 2021 as a Co-Manager for a $3.025 billion Eurobond
Total Eurobond earnings: $1,182,750
Domestic Bond Market Earnings
Databank earned GH₵48.2 million (approximately $8 million) from the domestic bond market between 2018 and 2021.
Total Earnings
Databank’s total earnings from Ghana’s borrowing between 2018 and 2021 amount to $9.2 million.
Author’s Conclusion
Manasseh Azure Awuni concludes that former Finance Minister Ken Ofori-Atta benefited from Ghana’s high debt levels through his investment bank, Databank.
