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30.03.2006 General News

Data Bank inaugurates a new headquarters edifice

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Accra, March 30, GNA - Hundreds of people including prominent statesmen, Ministers of State, traditional rulers, religious leaders and players in the financial sector on Thursday witnessed the inauguration of the new Data Bank Limited Headquarters at Adabraka, in Accra. The edifice comprising a banking hall, a brokerage, research, assets and pubic relations departments, is the first phase of the building, which cost 17 billion cedis.

Pastor Dr Mensa Otabil, of the International Central Gospel Church who performed the inauguration, prayed for God's guidance, protection and for the development of the capital and financial market in the country.

Data Bank Limited, a leading financial institution in the country began 16 years ago when there was neither a stock exchange nor capital market in Ghana as a company with an idea to gather data on financial services.

Mr Ken Ofori-Atta, Executive Chairman of the Bank, said the initial idea of gathering data by the Company later evolved into true investment banking services of the Data Bank of today.

He said the company, which began with an initial seed capital of 25,000 dollars and five employees, could now boost of over 100 employees and branches at Banjul, Sierra Leone and Liberia.

Dr Ofori-Atta said the Company had stock trading relationships in Botswana, Mauritius, South Africa, Kenya, Uganda and Nigeria and was the manager of the only Pan African mutual fund (EPACK) in Africa, which had created immense wealth for 90,000 clients and families. On the Company's future outlook, Dr Ofori-Atta said Data Bank plans to be Ghana's first multinational investment banking firm to trade on all the major stock exchanges.

It would ensure the management of international emerging markets funds from Ghana; manage pension fund money across the Continent and to go public in 2010 on at least three stock exchanges. He pledged that the Bank would work to secure sovereign and corporate debt flotation on the international bond market and ensure investment of remittances from other Ghanaians in the Diaspora.

Professor Alex Kwapong, who chaired the function, lauded the achievements of the Company and said the final completion of the building should be user friendly especially to the physically challenged.

He said it was a great idea and a sense of patriotism for the Ken Ofori-Atta and Keli Gadzekpo and others to leave the shores of the United States of America after their education to come to Ghana to nourish their dream.

In attendance were the Okyehene, Osagyefo Amoatia Ofori Panyin II, Dr Frimpong Boateng, Chief of the Korle Bu Teaching Hospital; Dr Kwame Addo Kufuor, Defence Minister and Mr Hackman Owusu-Agyeman, Minister of Water Resources, Works and Housing and a host of Deputy Ministers and Members of Parliament. 30 March 06