Advocacy Group, the Centre for Freedom and Accuracy has filed a writ at the Fast Track High court to stop the planned sale of Merchant Bank to Fortiz.

The group is questioning the basis on which the central bank granted approval to the  private  equity firm to take over 90 percent share of the bank.

Speaking moments after filing the writ, Executive Director of the Centre, Andrew Awuni said they want the court to order a cancellation of the purported sale

He further questioned what Fortiz was bringing on board that had never been introduced in the management of Merchant Bank, adding that Fortiz, per the regulations, of the Bank of Ghana, is not eligible to make an entry into the Banking industry.

"I am asking the court to order a cancelation of the purported sale. What exactly is it that Fortiz has brought unto the table that was never brought before or that makes it the first offer.

"We need to know. And we are asking that the Bank of Ghana should cease forthwith with its approval, because Fortiz does not qualify to make an entry into the Banking industry, per the regulation of the Bank of Ghana", Mr. Awuni emphasized.