Investment bank Databank, co-founded by former Finance Minister Ken Ofori-Atta, reportedly earned $9.2 million from Ghana's borrowing activities between 2018 and 2021. This was disclosed in investigative journalist, Manasseh Azure Awuni’s latest book, The President Ghana Never Got, launched on August 8, 2024.

In the book, investigative journalist Manasseh Azure Awuni provides details on how Databank, alongside Fidelity Bank and IC Securities, became a regular financial advisor for the government after Ofori-Atta assumed office.

According to the documents he obtained from the Finance Ministry through the Right to Information Act, Databank’s role as a book runner significantly increased during this period.

The book highlights that in 2018, Ghana issued a $2 billion Eurobond, with Databank and its partners earning $375,000 each as Co-Managers. This was followed by a $3 billion Eurobond issuance in 2019, where the same firms again earned $375,000 each, plus an additional $50,000 as sub-Co-Managers.

“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.

Similar earnings were reported for Eurobonds issued in 2020 and 2021, with the latter also involving Temple Investment.

Between 2018 and June 2021, Databank earned a total of $1,182,750 from Eurobond transactions. Additionally, in the domestic bond market, the government borrowed GH₵79.21 billion, with Databank receiving GH₵48.2 million for its services.

Combining earnings from both domestic and Eurobond markets, Databank’s total revenue during this period reached GH₵55,267,82 million, equivalent to approximately $9.2 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.

Mr. Awuni’s book suggests that this financial gain came amid Ghana’s mounting debt challenges.

This latest publication builds on Mr. Awuni’s previous work, including his 2016 book on former President John Dramani Mahama, The Fourth John: Reign, Rejection & Rebound.