Bank of Ghana set to okay FirstRand-Merchant Bank deal after concerns resolved

The Bank of Ghana wants public concerns surrounding the sale of 75% stake in Merchant Bank to South Africa’s FirstRand Bank resolved before okaying the deal.

Despite not objecting to the transaction, the central bank indicated that there are some public concerns the need to be resolved by SSNIT who owns majority shares in Merchant Bank.

“The Bank of Ghana in principle has no objection to the proposal. However, there have been some “public interest” concerns which are currently being resolved by SSNIT, Merchant Bank and FirstRand Bank,” the BoG said in a statement published on its website May 10, 2013.

The statement adds “We believe these concerns would be addressed very soon to enable Bank of Ghana to give its final approval for the transaction.”

FirstRand in August 2012 said it will table $91 million to buy 75% stake in Merchant Bank.

The BoG has also indicated it has received and reviewed the South African bank’s application for the stake.

By Ekow Quandzie