The New Patriotic Party (NPP) Member of Parliament for Ayawaso West Wuogon, Emmanuel Kyeremateng Agyarko is demanding full disclosure on the controversial sale of Merchant Bank to a private equity fund, Fortiz.

Fortiz has acquired 90 percent stake in Merchant Bank originally owned by the Social Security and National Insurance Trust (SSNIT) and the SIC Financial Services.
 
The GH¢90 million takeover has generated some controversy with the Minority in Parliament calling for its abrogation.

In defense, Directors of Fortiz in a statement Friday, described as unfortunate the controversy generated and has indicated it will soon come out to clear the “misinterpretation” and “misrepresentation” surrounding the purchase.

But speaking on Peace FM’s Kokrokoo Monday, Kyeremateng Agyarko said the entire transaction is not transparent.

According to him, contributors who have entrusted their monies with SSNIT have been shortchanged.

Kyeremateng Agyarko said the Bank of Ghana owes it a duty to explain the details of the entire transaction to SSNIT contributors whose money it invested in the bank.

“It is not for the good people of this country to ask; As SNNIT contributors, it is our God-given right to know so there must be full disclosure. The onus lies with those in charge to explain in detail” he stressed.

He posited that as SSNIT contributors, Ghanaians will not allow Merchant Bank to be given out to Fortiz for a pittance.

The Ayawaso West Wuogon MP said the Bank of Ghana has failed Ghanaians by not doing due diligence before approving the deal.

Mr. Kyeremateng Agyarko maintained that the Fortiz deal, compared to the First Rand Bank offer of GH¢176.4 million for 75 percent stake in Merchant Bank, was clearly a bad one.