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The Bank of Ghana has dismissed reports that it failed to do due diligence in the sale of Merchant Bank to Fortiz. The bank has been under fire over its approval of the sale of the bank to wholly owned Ghanaian Company, Fortiz Equity Fund Limited. The bank�s quick approval of the deal has also been questioned by critics; saying it failed to go through the laid down procedures in approving the deal. However, Speaking for the first time on the matter after it announced the last policy rate for the year, Governor of the Bank of Ghana, Dr Henry Kofi Wampah said it did not go contrary to its laid down rules. ��If the Directors or whoever is asking for approval is from Ghana, it is easier to do a preliminary due diligence because there are public figures�; The Fortiz people are public figures and therefore they are known and the approval in principle is not against any of the rules�,�� he said. There have been concerns that Fortiz with a capital of 5 million cedis may not be able to inject the money needed to save the ailing Merchant Bank, to which governor Wampah disagrees. Critics of the Fortiz � Merchant deal also say majority shareholder of the bank, Social Security National Insurance Trust's (SSNIT) earlier deal with First Rand Bank of South Africa was much better than that of Fortiz. Meanwhile Citi Business News has gathered that as part of the approval of the sale, the bank will list on the Ghana Stock Exchange within three years.