The Centre for Freedom and  Accuracy says Fortiz Equity Fund, which has acquired majority shares in Merchant Bank Ghana Limited, has no track record worthy of the shares.

Mr. Andrew Awuni, Executive Director of the CFA said Fortiz was registered barely five months ago with a stated capital is 5 million Ghana Cedis and therefore lacked the requisite expertise to manage the assets of Merchant Bank.

Fortiz acquired the 90 percent stake of the Social Security and National Insurance Trust (SSNIT) in Merchant Bank for GH¢90 million. 

But speaking on Joy FM's Super Morning Show, Tuesday, November 12, 2013, Mr. Awuni maintained that "the suitor does not qualify to be the buyer" of Merchant Bank Ghana Limited.

According to Mr. Awuni, the fact that Fortiz gives its location in an office belonging to another corporate entity, makes the transaction questionable.

He said it was risky for the Central Bank to approve the transfer of majority shares from SSNIT to the newly formed company.

He is, therefore, calling on president John Mahama to act to halt the sale of the bank.

The SSNIT in July abrogated a proposed takeover of Merchant Bank by South Africa's First Rand Merchant Bank after the two parties failed to agree on commercial principles underlying the transaction.

Merchant Bank currently operates 22 branches across the country.