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‘Really wrong’ bastardising Databank to get at Ofori-Atta- CEO

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The CEO of the Databank group, Mr Kojo Addae-Mensah, has same the recent negative rumours current on social media regarding an alleged run on the investment bank – a noticeable scenario, which, in step with the write-up, has supposedly plunged the firm into a liquidity crunch – may well be the work of mischief manufacturers who are attempting to urge at finance minister Ken Ofori-Atta, a co-founder of Databank, for his perceived role within the banking sector reforms undertaken by the Bank of Ghana (BOG) and also the Securities and Exchange Commission (SEC), that junction rectifier to the collapse of some banks and financial institutions.

Mr Addae-Mensah same on Mon, 18 March 2019 that Mr Ofori-Atta presently has nothing to try to to with Databank, though he co-founded the firm in 1990, thus, puzzled why the financial organisation would be used to fight a war against the minister.

“Fact is fact: the minister is the one who started the corporate [but] let me once more say he has absolutely zero to try to to with the firm.

“It was one of my conditions to require up the job: that i’ll not tolerate any interference any, and he has adhered to his a part of the cut price. So, I don’t latch on.

“The last time I saw him [Ofori-Atta] was at a event, not even at Databank, he doesn’t even have time. the issues of ghana are too several for him to even consider [Databank].

“I feel he’s left Databank to Ghanaians as a gift, it’s not something that he’s victimisation to try to to something on a day to day basis, so, making an attempt to urge at Ken through Databank is absolutely the incorrect issue to try to to. If you would like to urge at him, get at him on his job”, Mr Addae-Mensah told Accra-based Citi FM’s Bernard Avle.

Asked if Databank invested within the now-struggling and defunct gold collectables firm Menzgold Ghana restricted, Mr Addae-Mensah exclaimed: “Absolutely not; how? Herh, it’s an abomination!” stressing: “No we have a tendency to don’t”.

“Look”, he said: “I have freelance directors, every fund has a minimum of 3 freelance non-executive administrators, I’m the sole govt director; you’re thinking that of these freelance folks returning from varied backgrounds with various degrees of data in various areas, can sit down and permit United States to use [depositors funds to speculate in Menzgold?] and that they are invested with within the funds themselves, each director is invested with within the funds. It’s not in their interest to work out the funds go down, so, I mean Menzgold is even a stretch…

“… That’s the issue regarding Databank, we have a tendency to are extra-conservative. The vital issue for us is: you’ll get your cash once you need it, it’s not regarding returns and that i keep teaching folks to not chase returns as a result of it’s dangerous. The issue is longevity: you would like to own time and, so, we have a tendency to go extra-conservative to make sure that we don’t seem to be giving the best of returns however we’ll provide your liquidity”, he said.

Founded in April 1990, Databank presently offers finance, brokerage, fund management and analysis services to native and foreign people additionally as international corporations, pension trusts and institutional investors within the ECOWAS sub-region.

Through its brokerage wing, investors have the chance to faucet into invariable investments (including treasury bills), trade shares listed on the Republic of Ghana stock market and luxuriate in finance consultative services.

Through Databank’s asset management wing, investors have access to mutual funds (Epack, MFund, BFund, ArkFund and EdIFund), institutional fund management for company, profit and endowment funds, pension fund management and personal wealth management services.

Databank presently has 19 locations across the country. the most branches are in accra (Head Office), Ho, Koforidua, Kumasi, Takoradi, Tamale, Tema and Sunyani. There are 10 partner locations situated within GTBank branches in accra, Ashaiman, Cape Coast, Tarkwa and tamale, as well as a partner location within the UBA branch placed at the Kwame Nkrumah University of Science and Technology (KNUST).

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