Databank Restarts Operations Following ‘Attacks’ From Clients

The staff of Databank Group are expected to resume operations from January 10, 2023, after they were earlier directed to work remotely from home amid verbal attacks and abuse levelled against them by clients.

The resumption, according to an Asaase Radio report, will take place at independent branches of the investment firm across the country.

In an email and text message to clients on January 7, 2023, Databank said it “will apply a phased approach to re-opening its physical locations”.

The development comes after staff of the investment bank were allegedly subjected to physical and verbal abuse from clients due to its inability to pay them their funds.

The investment firm however explained that this was due to ‘liquidity challenges’ as a result of the current economic challenges in the country.

In addition to this, clients of the bank have been clamoring for their investment returns in the wake of the intended domestic debt exchange programme which is expected to impact certain categories of bondholders.

Chief Executive Officer of the Databank, Kojo Addae-Mensah, speaking in an interaction with clients via Zoom on December 28, 2022 explained that the fixed income investments of clients which were placed in government of Ghana bonds, had since been impacted by the planned Domestic Debt Exchange programme which was announced on December 5, 2022 by the Finance Ministry.

He added that the announcement of the programme culminated in the closure of the secondary market which therefore impacted on the firms’ ability to proceed with bond sales in order to allow clients redeem their investment withdrawal requests.