Finance Minister & Deputy In $130m Sweetheart Deal

June 30, 2017

Two Ghanaian companies, one owned by the Finance Minister, Ken Ofori-Atta, and the other owned by Ken Ofori-Atta’s deputy, Charles AduBoahene, have executed a one hundred and thirty million dollar deal cementing a sweetheart marriage of the two companies.

 

Black Stars Holdings, founded by Deputy Finance Minister, Charles AduBoahen, last week bought 40% stake in Enterprise Insurance for a whopping $130 million.

 

This deal has industry watchers raising eyebrows considering the fact according to the Accra Bourse the whole of Enterprise Group, of which Enterprise Insurance is only a subsidiary, was as at last Friday valued at three hundred and thirty million Ghana cedis (GHȼ330m).

 

Even more intriguing for industry watchers is the fact that only three short years ago, Sanlam, on of South Africa’s leading insurance companies paid twenty one million dollars ($21m) for the same 40% stake in Enterprise Insurance. What this means is that in just under four years the value of the 40% shares has grown more than fivefold.

 

Sanlam, a major player in the South African insurance market has sold it’s 40% stake in Enterprise insurance it acquired in October 2014 to Black Star Holdings, an investment company founded by the deputy minister of finance, Charles AduBoahene.

 

This deal which involves the deputy minister’s company buying a seemingly over the price shares of Enterprise, a company founded by the his boss the minister, Hon Ken Ofori Atta follows on the heels of the 7 year and 15 year bonds is a matter under investigation before CHRAJ even raises more questions.

 

Some industry players are questioning the valuation of Enterprise Group which seems to have increased its share value overnight by more than 500%.

 

So in two and a half years, the 40% stake in Enterprise Insurance more than quadruple.

 

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