Ghana's most respected company- Databank

It all began with a yearning to come back home and do something that would be enduring and rewarding both financially and spiritually.

Ken Ofori-Atta, Keli Gadzekpo and James Akpo, three young smart, fast track Ghanaians successfully plying their trade in the late eighties- Ken on Wall Street, Keli with KPMG in Washington D.C. and James, a newly minted MBA graduate - hatched the idea of returning home and starting an investment banking firm.

This was at a time in Ghana when very few people knew and understood the rubrics of investment banking while the finance industry was undergoing some challenging transformation.

What seemed a daunting challenge was an opportunity to be the first in a market undefined and in a state of flux.

By 1990, the three young men set up shop in a small room in the UTC building in Central Accra with a short-term loan of US$25,000.

When Databank was incorporated in 1990, the focus was on research and the compilation and collation of research data for the financial sector and the development of the capital market in particular.

Later that year (1990) Euromoney, the prestigious financial reporting publication, made the comment that “... Databank was ahead of its time". In the words of Ken Ofori-Atta (Executive Chairman of Databank), "we were young, excited, energetic, precocious, knowledgeable and committed",

As good as it sounded, the beginning was not at all a bed of roses and it is interesting to note that right at the outset, the name 'Databank' made some waves as the regulators debated on the appropriateness of allowing 'bank' in the name ,of a firm that ostensibly did nothing more than give advice and publish research on the financial markets and the economy, not lending money or taking deposits as a normal bank would.

It was indeed interesting to observe the sheer will to succeed against all odds emanating from the dark room office at the old UTC Motors headquarters and Databank staff shuttling around in one beat-up old Lada car, many years past its best.

When the Ghana Stock Exchange (GSE) started operations in 1990, Databank was on hand to compute the first indices - the Databank Stock Index (DSI) and the Databank Stock Average (DSA) - used in measuring the performance of the stock market.

It is noteworthy that it was not until 1994 that the GSE came out with its own index-the GSE-Share Index.

By the end of 1990, the Databank team comprised five transaction hungry young professionals. The first real transaction was the initial public offering and listing of Super Paper Products Company but by then, Databank had already established a prestigious reputation of cutting edge quality in stock market, industry and economic research. It was a double edged sword because if truth be told, the quality and objectivity was rather intimidating to a market that was not used to it.

Today, Databank Research run by Rev. Daniel Ogbarmey Tetteh who joined in 1995 produces the most consistent and comprehensive research on Ghana's macroeconomic environment, budget, stock market and listed companies. Databank Research actually maintains a one-stop critical indicators datasheet for the ECOWAS sub-region.

Fund managers and institutional investors, both home and abroad, rely on the incisive and analytical reports produced by Databank Research.
In addition, Databank Research provides regular and reliable information on financial markets to leading media houses (radio, television, and print media) including internationally acclaimed ones such as BBC, CNN, Financial Times and Bloomberg.

It also provides regular economic briefing services for local blue chip companies. The Databank Africa Desk gives a comprehensive review of African markets and economies.

In 2007, Databank Research competed with international heavyweights such as Deutche Bank, UBS, Citigroup, EFG Hermes and African Alliance for the enviable award of the "Best Africa Research Team" at the Al Index Awards held at the London Stock Exchange and organised by African Investor.

In keeping with the leadership tradition, Databank Research towered above the other competing firms as it took home the diadem as the Best Africa Research Team, 2007.

Throughout the early 90s, the company operated as Databank Financial Services (DFS) and its stock in trade comprised research, corporate finance and advisory. But the brand name Databank became widely known as various services were provided par excellence.

Run by Opoku Gyamfi Boateng who was one of the first employees and R. Yoofi Grant who joined in 1996, the DFS today offers a cocktail of financial advisory services including equity and debt financing, valuations, asset backed securities, mergers and acquisitions.
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