Databank Re-Opens Offices Nationwide After Asking Staff To Work From Home Over Attacks

Databank Re-Opens Offices Nationwide After Asking Staff To Work From Home Over Attacks

  • Databank, an investment firm, has begun a phased re-opening of all its physical offices nationwide starting from Tuesday, January 10, 2023
  • The firm co-founded by finance minister Ken Ofori-Atta was compelled to shut its offices alleging that some of its staff were threatened and abused physically
  • The country's economic crisis, according to Databank, has negatively impacted its ability to fulfill withdrawal requests but its clients suspect they are being deliberately prevented from access their cash

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Databank has rolled out a schedule for a phased re-opening of all its offices across the country starting from Tuesday, January 10, 2022.

The fund management company has announced that its independent branches in Accra, Cape Coast, Ho, Koforidua, Kumasi, Sunyani, Takoradi, Tamale and Tema will reopen on January 10, 2023.

This will be followed by Databank co-locations within GTBank and UBA bank branches. These will re-open on January 16, 2023.

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Databank has reopened its offices nationwide.
A creative image of a hand holding Ghana cedi notes (L), the notice from Databank and the Databank head office in Accra. Source: UGC, Getty Images, Facebook/@databankgroupgh
Source: UGC

Data Bank Closes Physical Offices Over Attacks

Databank shut down its offices nationwide on December 22, 2022, claiming that it was compelled to take that decision because its staff were being attacked physically.

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The investment firm co-founded by Ghana's finance minister Ken Ofori-Atta announced that the closure of the offices was aimed at securing its workers' safety after some of them even received threats on their lives.

Staff were asked to work remotely in a statement.

The investment firm explained that due to the current economic crisis, it had not been exempt from the liquidity issues that had plagued the fund management sector.

The liquidity situation, Databank said, had negatively impacted its ability to fulfill withdrawal requests.

The firm claimed that "there are several clients who have felt the need to abuse our staff physically and verbally, as well as threaten their lives as well as their families."

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Local Currency Backsliding To Old Ways As It Records Steady Fall Against Dollar

Meanwhile, has reported in a separate story that it does not look too good for the cedi this year as it has been depreciating constantly against the dollar since the first day of 2023.

Bank of Ghana's interbank rate shows that the local currency was trading against the dollar at a selling price of GH¢9.0092 for $1 and at a buying price GH¢9.0002 to $1.

Forex bureaus in Accra are quoting higher selling and buying prices for the dollar but the steady depreciation has also prompted fears that the old days of rapid depreciation is upon Ghanaians again.

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