Halt sale of Merchant Bank Ghana – TUC

Organised labour has called for the suspension of the sale of Merchant Bank Ghana (MBG) to Fortiz Equity Fund.

At a press briefing today December 13, 2013, the Trades Union Congress (TUC) said the Bank of Ghana (BoG) and the Social Security & National Insurance Trust (SSNIT), the majority shareholder in MBG, should stop the transaction and conduct further due diligence.

“After a careful study of the transaction and taking into account concerns expressed by workers who are contributors to SSNIT, it will be prudent that SSNIT Board and the BoG suspend the transaction to allow further investigations into the matter,” TUC’s Secretary-General Kofi Asamoah told the press.

The sale of the bank is now a court case but the TUC said their decision is “without prejudice to the legal suit before the court”.

According to the TUC, it believes MBG has the potential to recover from its current distress position.

The TUC urged SSNIT to make the necessary arrangement to recapitalize and restructure MBG’s management to ensure its viability.

By Ekow Quandzie