Ken Ofori-Atta Bails From Fraudulent Agyapa Deal -Shortly After Cousin “Gabby” Turned Tail

Databank Financial Services, the investment brokerage firm owned by Finance Minister Ken Ofori-Atta has allegedly withdrawn its services as an advisor to the fraudulent Agyapa Royalties deal.

The firm surreptitiously contracted South Africa-based Imara Holding Limited to “fraudulently” front for it as Mr. Ofori-Atta used his office to route the deal that would have robbed Ghana of at least US$1.5 billion through his private firm.

It is unknown the true facts behind the withdrawal, but on February 10, 2021, Databank officially announced in a letter addressed to Imara Holdings that it was forced to back out of their curious arrangement in the Agyapa deal following intense political backlash in Ghana.

 “The Board of Directors of Databank has observed with deep concern persistent attempts by some political actors, during the political season leading up to the general elections of December 2020, to tarnish our hard-won reputation painstakingly built over the last 30 years, by unfairly exploiting our participation and involvement in the transaction as one of the transaction advisors. We believe this is principally due to the Minister of Finance’s association with Databank as its co-founder,” said Databank in the letter that has been leaked to the press.

“The Board of Databank, whilst being convinced about the immeasurable benefits to be reaped by the Republic of Ghana from the transaction, is of the view that the tumult generated by the involvement of Databank in the transaction, coupled with insinuations and aspersions cast on the reputation of the company in the lead up to the election, not only grossly compromises the ability to execute such a market-sensitive and novel transaction, but also has a real tendency to severely damage the invaluable business reputation of Databank,” Databank wrote in the letter signed by Kojo Addae-Mensah, Group CEO of Databank.

Mr. Ofori-Atta and the cabinet of the Akufo Addo administration had attempted to use the Minerals Income Investment Fund (MIIF) to set up Agyapa Royalties Special Purpose Vehicle (SPV) that will reportedly monetise Ghana’s mineral royalties.

However, the convoluted processes, the tweaking of the MIIF Act and the “unconscionable” agreement between the Government of Ghana and Agyapa Royalties Limited raised instant suspicions.

For starters, Agyapa was registered in one of the notorious tax havens on the British Channel Islands. Besides, the private partners of the deal were kept under wraps by the Finance Ministry.

The Finance Ministry also refused to release details of the transaction assessment to neither the general Ghanaian Parliament when they demanded it, nor did they do so for the countless civil society organisations who raised red flags about the fraudulent nature of the deal.

Eventually, the Special Prosecutor, Martin Amidu was forced to conduct a corruption assessment investigation on the deal, and he uncovered massive corruption and “fraud” according to him.

Mr. Amidu also alleged that when he completed his damning report, President Akufo Addo had personally attempted to arm-twist him from making the report public. 

The ensuing fracas led to Mr. Amidu’s resignation and the release of his famous parting shot aimed at President Akufo Addo. He described the president as the “Mother Serpent” of corruption. 

Meanwhile, just a week ago, Africa Legal Associates (ALA) has also signed off its relationship with Imara and had essentially exited the Agyapa deal. Interestingly, ALA is a law firm belonging to Gabby Asare Otchere-Darko, a cousin to both President Akufo Addo and Ken Ofori-Atta.

Indeed, the finding of Mr. Amidu revealed that Databank had essentially handed the legal advisory role to ALA through Imara, in what has led to accusation of cronyism and an attempt at state capture by President Akufo Addo and his powerful close family members.