Business News of 2013-12-13

GMA demands clarity from SSNIT, gov’t on Merchant sale

The National Executive Committee of the Ghana Medical Association has expressed concern and uneasiness about the ongoing controversy over the sale of Merchant Bank by Social Security and the National Insurance Trust to Fortiz Equity Fund.

Fortiz, in October this year acquired 90 percent of Merchant bank, which hitherto had the Social Security and National Insurance Trust (SSNIT), as its majority share holder. Fortiz paid Gh¢90 million for the acquisition.

SSNIT has since defended the acquisition of Merchant Bank by Fortiz Equity Capital despite concerns raised by the Executive Director of the Centre for Freedom and Accuracy, Mr. Andrew Awuni.

Mr. Awuni is however challenging the sale in Court describing the transaction as a murky and a dash.

A statement signed by Kwabena Opoku Adusei, President of the Ghana Medical Association, stated that as much as the details of the transaction are not available to the GMA, the ongoing discussions in the media landscape raises concerns and worry.

The GMA said it is therefore calling on the “Board of Directors of SSNIT and Government to come out clearly and explain the circumstances surrounding the sale of the bank to the ordinary contributor to SSNIT”.

The statement added that “the GMA will need assurances that pension benefits of doctors and other health professionals will not be compromised in any way by the transaction.

“This will hopefully allay our fears and encourage us to continue to contribute to SSNIT”.