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.
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
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).
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.
