Databank to hold zoom meeting with clients on Wednesday

Management of Databank will on Wednesday, December 28, hold a zoom meeting with its clients over its inability to meet its financial obligations to them.

The Chief Executive Officer of the investment firm , Kojo Addai Mensah who made known the meeting said it is to assure its numerous clients that they will not leave them hanging in the midst of the challenges.

Mr Addai Mensah was speaking on TV3 News 360 on Thursday, December 22, monitored by GhanaPlus.com.

“……. Am hoping to do another meeting on Wednesday, we want to assure clients that we are not running away , we are not leaving them, we are prepared to engage them.

He however, noted Databank’s inability to meet its obligations to its clients must be blamed on government and not the investment entity which has been in existence for more than three decades.

“…..I can assure them, is not like we invested the money in some exotic, derivative somewhere In South Africa or something, we put it in government of Ghana which when we were in school was said that government of Ghana investment is risk free but here we are, we put the money in risk free investment but times have changed, things have change and the government is unable to pay us so that we pay the clients.

“ Those of our clients who have been with us for a while can attest to the fact that we have been very, very obedient, we been very, very on point to the latter by law . I mean, when they ask for your money especially, Mfund within 12 to 24hrs they get their money”.

Databank clients lament inability to access their funds 

Databank is losing faith with its clients following its ability to pay them back their investments due to government inability do same due to the financial difficulties confronting the country.

The development begun months ago with tons of them loosing significant amount on  their investment due to government economic restructuring, one of the measures in its current negotiations with the International Monetary Fund over the country’s ailing economy.

As at today, the investment firm is unable to meet its obligations to its clients as a results of government announcement suspending debt service payment under certain categories including bonds one of the key areas of investment of Databank.

The government on December 19 announced a suspension of all debt service payments under certain categories of external debt, pending an orderly restructuring of the affected obligations.

The suspension will include the payments on commercial term loans, most bilateral debt and Eurobonds.

Source: GhanaPlus.com