Fortiz Private Equity Fund has appointed six members onto the board of  Merchant Bank.

 Fortiz, a Ghanaian firm, recently purchased 90% stake in the bank for 90 million Ghana cedis in a controversial deal which has been criticised by many.

They new Board of Directors are: Issa Anafure, Dr Alhassan Iddrisu, Afotey Odarteifio, Ernest Asare, Mrs Kay Yaakor Kwao-Simmons and Nilla Selormay.

The appointment is however subject to Bank of Ghana's approval.

Joy Business gathers the state pension trust SSNIT would soon name their three nominees to complete the nine member board.  

Meanwhile, Joy Business has gathered the immediate board chair of the old board of Merchant Bank, Noel Nii Addo is likely to chair the reconstituted board of the institution.

Mr. Addo was recently appointed by SSNIT to replace Marian Barnor, the former board chair of the Merchant Bank.

However, sources say Mr. Addo, a Former Deputy Managing Director of HFC investments, would be asked to preside over the new board.  

In the heat of the controversy surrounding the transaction, some board members of Merchant Bank resigned.

Earlier this week, SSNIT dissolved the old board of Merchant Bank by asking the remaining four members on the board to step aside and thanked them for their service in a letter.  

It is not clear what might have influenced the decision of SSNIT, although their term might be ending this December. The nine member board were appointed by SSNIT in 2009  to serve for four years.

Currently, the Center for Freedom and Accuracy is in court seeking to abrogate the contract, claiming it does not give value for money.

A pressure group, Alliance for Accountable Governance (AFAG) Wednesday called on President Mahama to cancel the transaction or face their wrath.