Merchant Bank/Fortiz Deal: "We Can't Pretend Everything Is Hakuna Matata"

The controversies surrounding the deal between Merchant Bank and Fortiz Equity Fund seems to linger on as an aspiring National Youth Organiser of the opposition New Patriotic Party (NPP), Samuel Awuku has questioned why Bank of Ghana allowed a �small� entity (Fortiz) to purchase Merchant Bank. ��NDC (National Democratic Congress) is the only government that has performed a miracle of allowing smaller companies to swallow the bigger ones. In the sale of any big entity, the big companies mostly buy the smaller ones so that it can be well managed and so it is surprising that in the game between Fortiz and Merchant Bank, Fortiz is rather taking over Merchant Bank,� he said. Contributing to discussions on Tuesday�s edition of �Kokrokoo�, Mr Awuku stated on PeaceFM that it is strange for a company which has no pedigree in banking or micro-financing, to take over a bank which has been in existence for decades. Mr Awuku does not understand how Fortiz won the bid to purchase Merchant Bank when other banks presented a better bid, adding; �there are so many questions to be answered and we cannot pretend that everything is Hakuna Matata; cool and smooth� �Fortiz has not even taken part in micro-financing� in terms of managerial expertise and track record in banking, they have no pedigree. It came into existence only six months ago and it�s taking over a bank of so many years of standing (Merchant Bank). We have to look at how the transaction took place because several companies came with double the amount Fortiz offered. I don�t think Ghana had the best interest for money in the sale of Merchant Bank to Fortiz,� he intimated.