Databank helped NDC secure $25 million to privatise some companies – Ofori-Atta
Ken Ofori Atta - Finance Minister Ghana
Finance Minister-designate, Ken Ofori-Atta has said that Databank has helped previous governments including the National Democratic Congress(NDC) in financial transactions.
Read full articleDatabank is a financial institution that was co-founded by Mr Ofori-Atta.
He made this revelation when he appeared before the Appointments Committee in Parliament on Friday to be vetted for the role of Finance Minister.
Mr Ofori-Atta was asked if Databank had ever been involved in any government transaction since he assumed office as Finance Minister.
Responding to the question, he stated that various administrations including some NDC governments have engaged Databank in transactions.
“In the 1990s when government had talked about privatising a number of maybe 6 or 8 companies Unilever, PZ enterprise shares, it had been an impossible task. And when we launched our company, I think in 1993/94 we were able to put together $25 million to execute that transaction, which was 80% of the stock market at that time”.
“And when we started the Eurobond issuance in 2007, we were part of that transaction in Kufour’s era. But even before that, also, there was a crisis of liquidity in Ashanti in which former President Jerry John Rawlings and Former President Mills invited Databank and Calbank to bring our expertise to bear and to resolve that,” he said.
Mr Ofori-Atta also added that Databank transactions have always gone through competitive bidding
“So we have constantly participated, independent of which government there was to date. As far I know, since 2007, all of the transactions have gone through the Ministry’s competitive bidding [but] I suspect that the issue of the advisory of the Ashanti liquidity crisis was where Professor Mills selected Databank and Calbank, giving their expertise to support the government,” he added.
