Six major labour groups in the country have joined forces to oppose the sale of Merchant Bank to Fortiz Equity Fund.

The six - the Trades Union Congress (TUC), Ghana National Association of Teachers (GNAT), National Association of Graduate Teachers (NAGRAT), Ghana Medical Association (GMA), Judicial Services Staff Association of Ghana and the Ghana Hospitals Pharmacists Association have asked the Social Security and National Insurance Trust (SSNIT) Board and the Bank of Ghana to immediately suspend the transaction.

A statement signed by the six labour groups and read by the Secretary General of the Trades Union Congress, Kofi Asamoah said there was the urgent for further investigations into the controversial deal.

Private equity firm, Fortiz, is paying GH¢90 million for SSNIT’s 90 per cent stake in Merchant Bank but the deal has been fraught with allegations of fraud.

Some opposition New Patriotic Party MPs described the sale as fraudulent and a rip-off.

The Executive Director of the Centre for Freedom and Accuracy, Mr. Andrew Awuni is in court challenging the sale and arguing that other financial institutions made far better offers for the bank than Fortiz and yet Fortiz’s offer was accepted.

Mr. Awuni wants Merchant Bank, SSNIT, and the Central Bank to explain the reason for their choice of Fortiz as the firm to take over Merchant Bank.

The opposition to the sale appears to be gathering momentum.

The Ghana Medical Association Friday issued a statement demanding assurances from SSNIT that the contribution of its members will not be compromised.

Organized Labour in its own statement said “It will be prudent that the SSNIT and the Bank of Ghana suspend the transaction to allow further investigations into the matter. This position is without prejudice to the legal suit currently before the courts.”

The statement said “we believe Merchant Bank has the potential to recover from its current distressed position. SSNIT should, therefore, make the necessary arrangements to recapitalize and restructure the Bank’s management in particular to ensure its viability.”

The workers are also demanding full disclosure of the ownership of Fortiz which has so far remained a mystery.

All statements issued by the equity firm are signed by unnamed directors but the TUC Secretary General said not only should the directors be made public, Fortiz’s “sources of funding for this particular transaction” should also be made known.