<\/p>\n
Former Rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Emeritus Stephen Adei, has said that the Finance Minister, Ken Ofori-Atta, resigned from Databank approximately four clear years before joining frontline politics.<\/p>\n
According to him, although Ken Ofori-Atta is the founder of the Databank, he has nothing to do with it at present.<\/p>\n
Speaking on Joy News programme \u2018Upfront\u2019 on August 18, Professor Adei said Databank\u2019s role as transactional advisors to government borrowings was not for profit but for the country\u2019s development. <\/p>\n
\u201cThree 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,\u201d he said.<\/p>\n
The Ministry of Finance has in a statement clarified that Databank and eight other firms are not transaction advisors to government in its Eurobond activities but that they are ‘bond market specialists’ – experts who are chosen based on merit.<\/p>\n
With respect to monies borrowed by government on Eurobond markets, the professor defended: \u201cThe borrowing was meant and I believe that it was meant to accelerate the nation’s development. It\u2019s 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 which you have insured it to benefit from it. There is fundamental fallacy that the borrowing was meant to make Ghana poorer,\u201d Professor Adei added.<\/p>\n
The former chairman of the National Development Planning Authority, NDPA, indicated that the role of Databank should not be on whether there is a conflict of interest but rather focus should be given to whether it discharged its duty to the country at an extra cost.<\/p>\n
He said although he wished Databank was not in it current role of transaction advisors for Ghana\u2019s borrowing, it will always remain part of the process.<\/p>\n
He added that the comments made by Kwasi Kyei Darko, alias KKD, that Ken Ofori-Atta\u2019s Databank was profiting off the country\u2019s borrowing was below the belt.<\/p>\n
\u201cThe question is this. Being financial advisors and there will always be a consortium not to them alone\u2026did it cost Ghana more than otherwise? This is the fundamental question. I doubt whether indeed,\u201d Professor Adei insisted.<\/p>\n
\u201cI 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,\u201d he maintained.<\/p>\n
Source: Ghanaeb<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Featured Video\n<\/p>\n\n
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