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Databank revealed as co-managers in Ghana’s $3bn Eurobond

Ghana’s 2020 Eurobond which was oversubscribed by up to more than US$14 billion was co-managed by Databank, Fidelity Bank, IC Securities, GCB Bank and SAS Finance Group.

Databank has consistently been listed as either bookrunners or co-managers of Government of Ghana Bonds since 2017 when Ken Ofori-Atta became Finance Minister.

The Finance Minisiter is a co-founder of Databank.

CHRAJ in its report after an investigation of an allegation of conflict of interest leveled against the Finance Minister in the 2017 $2.25bn bond issue said that Finance Minister, Ken Ofori-Atta's role as either a director, former director or shareholder or beneficial owner of several companies whose objects relate to the securities market had the potential to conflict with the interests of the state in relation to the securities market such as the issuance of bonds.

Feb. 10, 2020

References:

• https://www.mynewsgh.com/databank-et-al-revealed-as-co-managers-in-ghanas-3billion-eurobond/
• https://citibusinessnews.com/ghana-set-to-issue-longest-ever-eurobond-at-41-years/
• https://www.ghanaweb.com/GhanaHomePage/business/Ghana-s-Eurobond-oversubscribed-by-nearly-350-857077
• https://asempanews.com/databank-others-revealed-as-co-managers-in-ghanas-3billion-eurobond/
• http://scandalsindex.org/scandals/conflict-interest-allegations-hit-225bn-bond-issue