Databank withdraws from Agyapa Royalties deal | The Vaultz News
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Saturday, April 17, 2021
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News

Databank withdraws from Agyapa Royalties deal

  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2DNew
No Result
View All Result
The Vaultz News
No Result
View All Result

Databank withdraws from Agyapa Royalties deal

February 11, 2021
Angeller AshongbyAngeller Ashong
in Extractives/Energy, Sub Top Stories
0
Investment and brokerage firm, Databank has reneged on its decision to partner Imara Holding Limited with services as a partner and transaction advisor in the controversial Agyapa royalties deal.

Databank Office

Investment and brokerage firm, Databank has reneged on its decision to partner Imara Holding Limited with services as a partner and transaction advisor in the controversial Agyapa royalties deal.

In a letter addressed to Imara Holding Limited and signed by the Group CEO of Databank, Kojo Addae-Mensah, it explained that their decision to withdraw follows several attacks on their reputation by political actors as a result of the Finance Minister’s association with the investment firm.

 “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.

“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”.

Although the company noted that the action was a hard decision to be made, it said it had to do that to safeguard its hard-won reputation.

“It is this deep market knowledge and extensive experience that makes us understand that the potential damage from the fall out of all the negative press regarding Databank’s involvement in the Agyapa transaction, especially the proposed IPO, despite our sterling track record over the years, is incalculable both in the domestic and international financial markets.

“The reasons expressed above have compelled us to take the hard-decision to formally withdraw our services as your partner and co-transaction advisor on this mandate”.

It will be recalled that government then, through the Minerals Income Investment Fund (MIIF), set up Agyapa Royalties Limited to securitize Ghana’s gold royalties. This was after Parliament had approved the Agyapa Mineral Royalty Limited agreement with the government of Ghana despite the walkout by the Minority.

In discussion, the company planned to raise between $500 million and $750 million for the Government on the Ghana and London Stock exchanges to invest in developmental projects. The move has since been heavily criticized as the government has directed that further discussions on it be suspended.

Several actors including CSOs called for the withdrawal of the deal including the Flagbearer of the National Democratic Congress (NDC), John Dramani who also requested the dismissal of the Finance Minister.

Speaking in an interview, the Flagbearer said the report by the Special Prosecutor on the corruption risk assessment did not augur well for the Finance Minister and tarnishes the reputation of the government if it fails to relieve him [Finance Minister] of his job.

The report by the Special Prosecutor disclosed that, the selection and appointment of advisors for the agreement did not meet the fundamentals of probity, transparency and accountability.

  • AGYAPA ROYALTIES: Finance Ministry Has Been Transparent From The Onset- Ken Ofori-Atta

Tags: Agyapa Royalty LimitedDatabankfinance ministerImara Holdings LtdJohn Dramani Mahama
Login
guest
guest
0 Comments
Inline Feedbacks
View all comments
Previous Post

Volta Development Forum to establish district farms

Next Post

Tokyo Olympic Games Chief ‘to step down’ after saying women talk too much in meetings

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Mayor of Accra calls for a critical look at the mining sector
Extractives/Energy

Mayor of Accra calls for a critical look at the mining sector

April 16, 2021
Galamsey fight, a national emergency- Stakeholders to government
Extractives/Energy

Galamsey fight, a national emergency- Stakeholders to government

April 16, 2021
Crude oil prices highest since January 2020, shores up to $64.56/b in March 2021- OPEC
Around the Globe

Crude oil prices highest since January 2020, shores up to $64.56/b in March 2021- OPEC

April 15, 2021
Former Committee On Illegal Mining was a failure- Inusah Fuseini
Extractives/Energy

Former Committee On Illegal Mining was a failure- Inusah Fuseini

April 16, 2021
Lands Minister indicates measures will be implemented to help small-scale mining sector
Extractives/Energy

Lands Minister indicates measures will be implemented to help small-scale mining sector

April 15, 2021
Resolute Mining operational, lease for Bibiani gold mine restored
Extractives/Energy

Resolute Mining operational, lease for Bibiani gold mine restored

April 15, 2021
China accuses US, Japan of ‘stoking division’
Asia

China accuses US, Japan of ‘stoking division’

by DerrickApril 17, 2021
COVID-19 case count drops, 42 new cases recorded
General News

COVID-19 case count drops, 42 new cases recorded

by Priscilla KorantengApril 17, 2021
President of the Ghana Independence Broadcasters Association (GIBA), Andrews Danso-Ahenkorah, has expressed the need for enacting broadcasting law.
General News

We need media regulations for development- GIBA

by Angeller AshongApril 17, 2021
BOG educates the public on dormant accounts
Banking

BOG educates the public on dormant accounts

by Stephen KotochieApril 17, 2021
African Union holds conference to fast-track local vaccine development
Africa

African Union holds conference to fast-track local vaccine development

by Stephen AbankwahApril 16, 2021
Sub-Saharan Africa needs $425 billion over the next 5 years- IMF
Africa

Sub-Saharan Africa needs $425 billion over the next 5 years- IMF

by Stephen KotochieApril 16, 2021
China accuses US, Japan of ‘stoking division’
COVID-19 case count drops, 42 new cases recorded
President of the Ghana Independence Broadcasters Association (GIBA), Andrews Danso-Ahenkorah, has expressed the need for enacting broadcasting law.
BOG educates the public on dormant accounts
African Union holds conference to fast-track local vaccine development
Sub-Saharan Africa needs $425 billion over the next 5 years- IMF
[/vc_row_inner]

Trending

  • Akuapem Poloo has been sentenced to three months in prison. This follows the social media sensation posting some naked photos of herself and her son

    Akuapem Poloo Sentenced, All hope not lost- Lawyer

    39 shares
    Share 16 Tweet 10
  • WTO calls for applications for its 2022 Young Professionals Program

    29 shares
    Share 12 Tweet 7
  • Revise laws on stability clauses in petroleum agreements, the sector is de-risked- Dr Ali-Nakyea

    19 shares
    Share 8 Tweet 5
  • Stonebwoy applauds government for fixing Tema motorway street lights

    15 shares
    Share 6 Tweet 4
  • TUC Starts Processes for Negotiation Of 2021 Minimum Wage

    80 shares
    Share 32 Tweet 20
Snow

The Vaultz News

Copyright © 2020 The Vaultz. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • Sports
  • Arts & Lifestyle
    • Lifestyle
    • Fashion
  • 20MOBPL2D

Copyright © 2020 The Vaultz. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address
The Vaultz News


This website uses cookies to enable, optimise and analyse site operations, as well as to provide personalised content and allow to connect to social media. By clicking "ACCEPT" you consent to the use of cookies for non-essential functions and the related processing of personal data. You can adjust your cookies and associated data processing preferences any time in our "Cookies settings". Please view our cookies policy to learn more about the use of cookies on our website.

Cookies settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT
0
0
Would love your thoughts, please comment.x
()
x
| Reply