Wednesday, 27 November 2013

The Emperor's New Clothes: The Merchant Bank......Sale  


Title: Terminate Merchant Bank deal or meet us in court – Andrew Awuni
Dated: 11-11-2013

The Executive Director for policy Think Tank, Centre for Freedom and Accuracy, Mr. Andrew Awuni has threatened to drag the Bank of Ghana (BoG) to court over the sale of Merchant Bank to Fortiz Private Equity Fund Limited.

Even though in the judgement of the Social Security and National Investment Trust (SSNIT) and Bank of Ghana, Fortiz Private Equity Fund Limited presented the best proposal among other bidders, Mr. Awuni implied the Merchant Bank transaction was shrouded in secrecy.

According to the Anti-Corruption Crusader, who spoke at a media briefing in Accra, due diligence on the sale of Merchant Bank to Fortiz was yet to be done and the gaps that existed in their proposal were too gaping.

Mr. Andrew Awuni asked SSNIT to stop forthwith the deal or else his organization will seek legal redress on the transaction if finalized.

“We will explore all opportunities including possibly going to court to protect the assets of this state; I am contributor to SSNIT therefore it is my money, your money they are using to do all these things; it doesn’t make sense.”

He emphasized, “I have the capacity to take this matter to court but I think there is still time for us to reason things out; it really doesn’t make sense.”

Mr. Awuni challenged the Bank of Ghana to publish details of the transaction because Ghanaians deserved to know what is happening.

“We have taken notice of the transaction that the BOG is playing on Ghanaians; we know as a matter of fact that no agreement has been reached or signed between Fortiz and the other shareholders but the BOG has played a fast one by granting an approval to Fortiz and thus virtually tying the hands of all other parties.”

He also debunked the claim that Fortiz Equity Fund Limited has relations with the Fortis Bank of America saying, “First of all Fortiz Equity Fund Limited has no relation with the Fortis Bank of America which enjoys a large and enviable reputation in the finance industry around the world.”

He explained, “Fortiz bid to buy Merchant Bank is the only known transaction it has ever had; there is no record anywhere of any transaction that Fortiz has ever conducted and that is understandable considering that it was registered and incorporated only in June 2013 soon after the First Rand Bank deal failed.”

Mr. Awuni accordingly urged Ghanaians to rise up and demand accountability for the sale of Merchant Bank to Fortiz Private Equity Fund Limited.
“We call on SSNIT to stop forthwith the deal; as a contributor to the Fund, I disagree with this sale and we call on TUC and all workers unions and associations, the Employers Association, GNAT, NAGRAT and concerned Ghanaians to rise up against this day light robbery.”

By: Abdul Karim Naatogmah/



Paulina says: We are, dot, dot...... what is call 'shafted sideways' in north London... in our sweet homeland Ghana!!!!

Ghanaians have been taking ....ten to the front and fifty to the back for some time ...but it now appears that the nation is having to take seventy to the side, and, its a big AND ---certain peoplesssss don't want the nation's public to complain ------or discuss it on the radio -can you Adam & Eve it?????

How can you keep 'shafting folk sideways' and expect them to stay silent -and when they complain ---you the 'shafter' ---has issues... can you believe it?????

I first heard about the sale of the Merchant bank via Joy News on ABN (Sky 290) a week or sooo back and I just couldn't get my head around it... -can you??????

What is going on back home in our sweet motherland --Ghana????.. Because whatever it is...... it is being done in the name of a 'Better Ghana' -and its not working. I personally have never known anything like it is sooooo blatant, sooo unprecedented...

Mounting taxes, high youth unemployment, inconsistent electricity supply, scarce water supply, stinky public toilets, rising STI's (there are no STI clinics available to the general public in Ghana bar the Salvation Army in Accra), mounting rubbish tips, corrupt police force and so forth, and sooooo forth.....and now the merchant bank fiasco......--coming a long to join this long list of unending issues griping Ghana ---all smacks of 'blatant' corruption or GROSS mismanagement -to me.

It appears that if the Ghana's government aren't borrowing money -then its putting up taxes or selling institutions very cheaply to members of its 'own' family...and sooo forth and sooo forth....unprecedented...

It appears my uneducated 'eyes' that if the Ghana's government isn't buying 'ministerial' bungalows then they are 'recorded' plotting' to loot the public 'Kente' purse ...unprecedented, -----unprecedented I tell you.... FBYU

No comments:

Post a Comment