Databank’s Role As Transactional Advisor Not For Profit But For Ghana’s Development – Prof Adei Replies KKD

Databank’s Role As Transactional Advisor Not For Profit But For Ghana’s Development – Prof Adei Replies KKD

  • Prof Adei absolved Ken Ofori-Atta from any conflict of interest situation in the Databank transactional advisors saga
  • The Ministry of Finance also had, in a statement, indicated that Databank is not profiteering from Ghana’s loans and agreements
  • Prof Adei believes KKD’s rants are below the belt

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A former Rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Emeritus Stephen Adei, has jumped to the defence of Databank's role as Ghana's transactional advisors.

The bank, founded by Finance Minister, Ken Ofori-Atta, has allegedly become the principal transaction advisor of all Ghana's loans and bonds, which is said to be raking them millions of dollars in fees.

Prof Adei replies KKD
Prof Adei replies KKD's rants on Databank's role as Ghana's transactional advisor. Image source: Facebook/Prof Stephen Adei. Kwasi Kyei Darkwah
Source: Facebook

Prof Stephen Adei believes critics should elevate the conversation beyond the possible conflict of interest situation the bank finds itself in and rather focus on whether it can discharge its mandate as transaction advisor competently.

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Speaking on Accra-based Joy News on Thursday, August 18, 2022, the former Chairman of the National Development Planning Authority (NDPA) said Databank is not profiteering from the international agreements at the expense of the state since Mr Ofori-Atta resigned before venturing into active politics.

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"Three to four years before Ken Ofori-Atta joined politics, he resigned from management, board [and] anything associated with Databank. Of course, he being a founder he has shares in it. So he has nothing to do [with Databank]. I know that for sure."
"The borrowing was meant and I believe that it was meant to accelerate the nation's development. It's like saying you went and bought a car for commercial purposes and the car had an accident therefore the reason why the car had an accident was because you had a share in an insurance company which you have insured it to benefit from it. There is fundamental fallacy that the borrowing was meant to make Ghana poorer."

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Reacting to rants by TV and Radio personality Kwesi Kyei Darkwa who raised red flags over the appointment of Databank as a transactional advisor, Prof Adei said such language is below the belt.

"I think that whenever a country like Ghana is going to the international financial market, these advisors are part and parcel of it. I personally wish it was other companies other than Databank. What I am saying is this. To say that the Minister went to borrow so that Databank will benefit from it, I think it is below the belt," he maintained.

KKD Slams Ofori-Atta’s Databank For Making Money At Expense Of Ghana’s Huge Debts As Transaction Advisor

Earlier, reported that the renowned MC and media personality Kwasi Kyei Darkwah (KKD) has slammed Databank, a company affiliated with the current finance minister, for benefitting from Ghana's debt woes.

In an emotional rant on state-owned GTV's breakfast show on Wednesday, August 17, 2022, the legendary radio and TV host suggested it was heartbreaking for what was a clear conflict of interest to be accepted as the norm.

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“Wishful thinking”: Prof Hanke slams Databank’s projection that cedi will stabilise soon

"As Ghana gets poorer, the minister of finance’s company or former company, gets richer. Is this what we want to continue in this country?" he quizzed.

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