FLASHBACK: Ofori-Atta’s Databank earned GH¢159.31m as transaction advisors – Ablakwa alleges

The Member of Parliament for the North Tongu Constituency, Samuel Okudzeto Ablakwa stated that the Finance Minister, Ken Ofori-Atta, was making personal gains from the country's loans.

Last year, he said Databank which is owned and founded by the minister earned a whopping GH¢159.31million as part of its role as transaction advisor on Ghana’s bond issuance from 2017 to 2021.

Read the full story originally published on July 2, 2022, by GhanaWeb


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Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has accused the Finance Minister, Ken Ofori-Atta, of personally benefiting from the economic woes of Ghana.

He alleges that Databank which is owned and founded by the minister earned an astonishing GH¢159.31million as part of its role as transaction advisor on Ghana’s bond issuance from 2017 to 2021.

In a July 2, tweet, the North Tongu lawmaker alleged that Ken Ofori-Atta’s business ventures recorded their best years while he oversaw the demise of the larger Ghanaian economy.

“Ken Ofori-Atta’s businesses have had their best years even as he destroyed the larger Ghanaian economy which now seeks an IMF bailout. Databank earnings from transaction advisor role on bond issuance alone from 2017-2021 is an astonishing GH¢159.31million,” the lawmaker wrote.

Meanwhile, the finance minister has come under intense pressure over the management of the Ghanaian economy which is now seeking formal engagements with the International Monetary Fund for a financial bailout.

Despite stiff opposition against a return to the IMF earlier, President Akufo-Addo on July 1 authorized the finance minister [Ken Ofori-Atta] to engage the IMF.

Meanwhile, former president John Dramani Mahama has urged President Akufo-Addo to relieve Ken Ofori Atta from his role as Finance Minister.

He believes the minister has already lost credibility, trust and confidence after he supervised what describes as “the disastrous collapse of the economy.”

Mr Mahama added that Ken Ofori-Atta should not be part of the team meant to negotiate an IMF programme with the Bretton Woods Institution for financial assistance.

Ken Ofori-Atta’s businesses have had their best years even as he destroyed the larger Ghanaian economy which now seeks an IMF bailout

Databank earnings from transaction advisor role on bond issuance alone from 2017-2021 is an astonishing GHS159.31million

Covid was great for him pic.twitter.com/Fnue9TTJnY

— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) July 2, 2022