Business News of 2013-12-12

Fortiz reconstitutes Merchant Bank board

Fortiz Private Equity Fund has named seven persons as the new Directors of the Merchant Bank.

Fortiz, a wholly Ghanaian firm, recently purchased 90% stake in the bank for 90 million Ghana cedis in a controversial deal which has been criticised by many.

They new Board of Directors include: Issa Anafure, Dr Alhassan Iddrisu, Afotey Odarteifio and Ernest Asare.

The rest are Mrs Kay Yaakor Kwao-Simmons, Nilla Selormay and Noel Addo.

The company said the seven are coming on board with years of experience in the banking industry.

Two more individuals are expected to be named on Thursday in addition to the seven.

Currently, the Center for Freedom and Accuracy is in court seeking to abrogate the contract, claiming it does not give value for money.

A pressure group, Alliance for Accountable Governance (AFAG) Wednesday called on President Mahama to cancel the transaction or face their wrath.