Pressure Group Alliance For Accountable Governance is calling on President John Mahama to stop the impending sale of Merchant Bank to equity firm, Fortiz or risk having the biggest mass action in Ghana.

The group insists the sale is a complete rip-off to the Ghanaian tax payer.

Fortiz is ready to take over the highly indebted Merchant Bank at a cost of 90 million cedis for 90 per cent shares.

The deal has been shrouded in so much controversy with the Centre for Freedom and Accuracy proceeding to court to challenge the sale.

Four members of the Board of Merchant Bank, including the chairperson, Marian Barnor, have all resigned in protest against the sale of the Bank to Fortiz but that has not stopped  the transaction from going on.

Fortiz last week announced a takeover of Merchant Bank even though the Bank of Ghana was yet to give its final approval.

Addressing a press conference in Accra on Wednesday, AFAG says Merchant Bank is being gifted to Fortiz.

Even more outrageous, the group insists, is what they say is the conflict of interest role being played by Tony Lithur, counsel for Fortiz, in the transaction.

 Lithur is the lead lawyer for Engineers and Planners, who are the largest debtors to Merchant Bank. He is also the lawyer to Fortiz, buyers of Merchant Bank.

AFAG finds it too difficult  to understand how the same person would represent the two companies, when it is clear in the contract of Fortiz that it will only retrieve 30 per cent of all debts owed Merchant Bank with the remaining 70 per cent to be treated as bad debt.

AFAG says E&P, the largest debtors of Merchant Bank will be the biggest beneficiary if the Fortiz deal were to sail through.

Joy News' Paa Kwesi Asare, who attended the press conference reported the group as saying the president must with immediate effect put a stop to the sale or face their wrath.

They have also challenged members of the Trades Union Congress (TUC), who are on the Board of Merchant Bank, to state their opinions on the sale to the public.

They feel the Trades Union Congress is not representing the interests of the workers.