Ghana Amalgamated Trust Plc

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Ghana Amalgamated Trust was founded by the Ghana Government based on a private equity model to support selected indigenous banks. Our first mandate is to raise funds to recapitalize the selected indigenous banks that were unable to meet the new increased minimum capital requirement by the deadline. As part of the recapitalization, GAT owns equity stakes in the banks that it has invested in.

Secondly, using the private equity model, GAT works closely with the selected banks to support their transformation to improve. governance, management, operations and financial performance to create value for stakeholders. GAT intends to work with the banks and exit its equity stakes after achieving its objectives.


In 2019, Ghana Amalgamated Trust (GAT) raised its initial set of funds and successfully recapitalized the banks under the program including:

a) Agricultural Development Bank Limited (ADB);

b) OmniBSIC Bank Limited (OmniBSIC);

c) Prudential Bank Limited (PBL); and

d) Universal Merchant Bank Limited (UMB).

GAT is also working on raising funds to recapitalize National Investment Bank Limited (NIB), the fifth bank under the program.

GAT has significant equity stakes and representation on the boards of directors of the entities it invests in to formalize its mandate to help transform the selected indigenous banks to become more competitive. 


  • Albert Essien (Board Chairman)

    Mr. Albert Essien is a seasoned banker with about 30 years of experience in banking. He served as the Group Chief Executive Officer of Ecobank Transnational Incorporated (ETI) from March 12, 2014 to June 30, 2015 during which he led major business transformation programs. He served as Deputy Chief Executive Officer of Ecobank Transnational Incorporated from January 1, 2012 to March 12, 2014. He started his career in 1986 at the National Investment Bank (NIB) before joining Ecobank Ghana in 1990. At Ecobank, Mr. Essien served in various roles including Corporate Banking and Risk Management before becoming Deputy Managing Director in 2001 and Managing Director from 2002.

    Mr. Essien is an honorary fellow of the Chartered Institute of Bankers, Ghana, and holds a B.A. (Honors) in Economics from the University of Ghana. He is an alumnus of the Executive Development Program of the prestigious INSEAD (France/Singapore) and a World Fellow of the Duke of Edinburgh Award. Mr. Essien serves as an Independent Non-Executive Director at Old Mutual Ltd., South Africa.

  • Eric Otoo (Managing Director)

    Mr. Otoo, on his part, has about 15 years of experience in investment banking, consulting and private equity, having worked with Goldman Sachs, Mckinsey and Duet, among others.  His experience in finance was honed at Goldman Sachs & Co.’s New York City office from 2007, where his responsibilities included coordinating and managing origination, valuation, acquisition and due diligence for investment transactions.

    In 2006 and later between 2010 and 2013, he worked as a strategy consultant at McKinsey’s New York City office, where he worked with senior executives and boards across different industries on various strategic, finance and operational issues. His work involved transformation programs at some of the major US banks and the broader financial services sector. He was recently a Director at Duet Private Equity where he managed companies in the firm’s investment portfolio with additional duties including finding new investment opportunities. He worked closely with senior management of the portfolio companies to develop and implement strategies and improve business performance.

    Mr. Otoo received his Master of Business Administration (MBA) from Harvard Business School with second year honors as a Jack Kent Cooke Scholar. He received his certification as a Chartered Financial Analyst (CFA) in 2005, and as a Certified Management Accountant (CMA) and a Certified Financial Manager (CFM) in 2004.  Mr. Otoo attended Grinnell College in the US, for his undergraduate studies where he received majors in Economics and Computer Science with Phi Beta Kappa honors.  

  • Abenaa Kessewaa Brown (Non-executive)

    Ms. Abenaa Kessewaa Brown is currently the Principal and a member of the Governing Council of the National Banking College since August 2016.  

    Abenaa holds an EMBA from the China Europe International Business School (CEIBS), Ghana campus and a Bachelor of Arts degree in Accounting from Langston University, Oklahoma, USA.  She is a Certified Public Accountant (USA) and now a member of Institute of Chartered Accountants Ghana (ICAG). She is also a graduate of the International Gestalt Organization and Leadership Development I-Gold Program, an intense learning experience to deepen knowledge and performance in organization development (OD), organizational effectiveness (OE), change management, leadership and consulting and coaching from a Gestalt perspective.

    Prior to joining the NBC, she worked in a number of capacities with Standard Chartered Bank (SCB) as a People Manager and Head of Customer.

    Ms Brown is a proud member of the Executive Women's Network in Ghana.

  • Susan Ohene (Non-executive)

    Susan Ohene started her banking career in 1990 with the Corporate and Investment Banking Division of NatWest Bank (now part of the Royal Bank of Scotland Group Plc). She joined the Syndicated Loans Team with special focus on infrastructure deals in southern Europe in 1991. She later joined Mellon Investor Services in New Jersey in 1998 as a Relationship Manager in Asset Servicing for Institutional clients. Following the merger with Bank of New York, she set up the Initial Public Offering executing desk and served as Vice President and Regional Manager at Bank of New York Mellon from 2007 to 2012. On her return to her home country Ghana, in 2013, Ms. Ohene joined Ecobank Ghana Ltd as Head of Public Corporates, Corporate Bank. She moved to a new position as Head of Regional Corporates in January 2019.

    Ms. Ohene has a B.A. in Public Administration and Management from the University of Kent, U.K., and a Masters Degree in Banking and Finance for Development from Instituto Giordano Dell’Amore in Italy. 

  • Sampson Akligoh (Non-executive)

    Sampson is the Acting Director of the Financial Sector Division of the Ministry of Finance.
    Prior this, he played a major role in advisory and asset management as well as an Economist within the Financial Industry. Sampson was the Managing Director of InvestCorp, a financial services firm in Accra, Ghana.  He served as a Vice President at Databank where he was Head of Research and a Fixed Income Strategist.

    He also worked at SIC Financial Services Limited and with ADC (African Development Corporation AG) in Frankfurt. In 2014, Sampson served as an Adjunct lecturer in International Economics at Ashesi University College, Ghana.

    Sampson holds a Bachelor’s degree in Economics and Law from the Kwame Nkrumah University of Science & Technology, Ghana and a Master’s degree in Economic Policy and Corporate Strategy from the Maastricht School of Management, Netherlands.

KPMG is the Administrator of the Issuer.

KPMG is the oldest auditing and consulting firm in Ghana. It is based in Accra and provides a wide range of business services to companies in a variety of industries including local, multinational entities, non-profit organisations and donor agencies. The firm also serves an impressive array of middle market and privately held companies.

The firm specialises in financial statement audits, tax compliance and advisory services, business performance, financial advisory, transaction services, corporate finance services; IT advisory, internal audit, accounting advisory, and forensics.

All the partners and senior staff members of the firm are qualified professionals accountants, lawyers, consultants and university degree products from well accredited universities.

In addition to our local workforce, the firm leverages specialised consultants in other KPMG offices as and when required. This way, our clients, no matter the business or activities they are engaged in, have their needs adequately served.

The details of the key personnel of KPMG dedicated to the provision of the administrative services to the Issuer are as follows:

Key Personnel of Administrator

Name Role Responsibility
Daniel Adoteye Engagement Partner Overall engagement leadership and assurance
Frederick Dennis Partner Accounting, reporting, tax and advisory

Profile of the Key Personnel of the Administrator


  • Daniel Adoteye (Engagement Partner)

    Mr. Adoteye is a Partner of KPMG in Ghana and the Head of the Management Consulting, Transaction and Restructuring units in KPMG. His role includes leading teams to execute project management, change enablement, process design, diagnostic reviews, and the design and implementation of financial systems.

    He has extensive project management skills, acquired from the various engagements he has led and managed for various client projects in diverse industries including the government sector, non-governmental agencies, oil & gas, telecommunications, consumer markets and financial services. He has also designed and implemented financial management systems for both public sector and private organisations within and outside Ghana and carried out management audits for international organisations within the African region.

    Daniel is a member of the Institute of Chartered Accountants of Ghana (ICAG).

  • Frederick Dennis (Partner)

    Mr. Dennis is an audit partner with responsibility for overseeing audits in the Financial Services and Consumer Markets sector in Ghana, with the banking sector being his specialty.

    His role includes directing and setting the strategy for audits, reviewing work done and reports, as well as representing the firm during discussions with clients and presentation of our reports.

    Frederick has 16 years of audit and assurance experience and has served a range of multinational and local companies across various industries within and outside Ghana. He has also supervised the performance of some financial due diligence reviews. Frederick has experience in IFRS conversion and has been involved in risk management.

    He is a KPMG accredited trainer and has provided internal and external training in addition to his audit responsibilities.

    Frederick is a fellow of the ACCA and a member of the ICAG. He also holds a Bachelor of Science in Administration from the University of Ghana, Legon.