Mahama stops sale of Merchant to First Rand Bank

Information reaching XYZ News indicates that President John Mahama has personally intervened in the sale of Merchant Bank to First Rand Bank of South Africa.

According to sources, the sale of the Merchant to the South Africa’s second biggest bank might delay or be halted.

This follows a comprehensive report submitted by the Governor of the Bank of Ghana to President Mahama about the intended sale and the state of the bank.

Last year, former President Rawlings praised President Mahama for stopping the sale of the bank.

Workers of the bank initially supported its sale to save it from collapse.

It is, however, unclear whether the replacement of SSNIT boss Dr. Frank Odoom is part of this brouhaha because the Trust which is the majority shareholder had approved the sale of its stake in Merchant to First Rand.

Last year, First Rand announced its acquisition of 75 per cent stake in Merchant Bank for 91 million dollars.

Meanwhile, the National Executive Committee of the workers union of Merchant Bank last week asked the management and board to immediately reinstate sacked union chairman Reverend Jonas Koranteng-Smart.

The union believes Rev. Koranteng-Smart appointment was wrongfully terminated.

It is, therefore, calling on the management to settle all salaries and arrears of the union chairman.