Adongo’s BoG Still Doing Business with Databank, Despite Previous Attacks

Bank of Ghana Update

Databank, an investment firm co-founded by Ken Ofori-Atta, is now a bond broker. This announcement came from the Bank of Ghana in April 2025. The bank approved 12 Primary Dealers and eight Bond Market Specialists. Databank was included in both lists.

The statement noted that the Ministry of Finance and the Bank of Ghana reviewed the Primary Dealer system. They have approved a revised list of dealers and specialists. The public has been informed about this new arrangement.

Ken Ofori-Atta currently has no control over government operations as he is in opposition. His firm's involvement comes after past criticisms from the NDC party. They had previously accused Databank of favoritism due to Ofori-Atta's role.

It remains unclear if Databank's re-listing is due to expertise or political influence. Since 2017, concerns about conflicts of interest arose when Ofori-Atta became finance minister.

NDC Criticism

The NDC claimed that the Akufo-Addo government borrowed excessively for financial gain linked to Ofori-Atta’s firm. Isaac Adongo, a board member at the Bank of Ghana, called for Databank's removal as Transaction Advisor during previous administrations.

Adongo argued that selecting Databank created a conflict of interest for Ofori-Atta. He expressed disgust at Databank being involved with the Bank of Ghana.

Government Response

Palgrave Boakye-Danquah, a spokesperson for the former government, defended their choice of advisors. He stated that many banks served as advisors during various administrations, including under Mahama.

He pointed out that from 2014 to 2015, Databank worked alongside other banks on bond transactions.

Databank’s Role

During his vetting in 2021, Ofori-Atta mentioned that Databank supported all governments in financial matters since the 1990s. He highlighted their role in securing $25 million for privatizing state-owned enterprises.

Ofori-Atta stressed that all transactions involving Databank followed competitive bidding processes.

Financial Gains

Reports indicate significant earnings for Databank while Ofori-Atta was finance minister. Between 2018 and 2021, they earned around $9.2 million from domestic and Eurobond activities.

This included fees from managing Eurobond issuances and domestic bond market services.

Current Status

As of March 2025, Databank remains listed among licensed Primary Dealers and Bond Market Specialists by the Bank of Ghana. In an April 14 statement, BoG confirmed its ongoing role in Ghana’s financial sector.

Other institutions named as Bond Market Specialists include Stanbic Bank, ABSA Ghana Limited, Black Star Brokerage Limited, CalBank PLC, Ecobank Ghana PLC, Fidelity Bank Ghana, and GCB Bank.