The Bank of Ghana (BOG) in a press release has stated that it is not in principle opposed to the acquisition of 75% of the shares of Merchant Bank by South Africa’s First Rand Bank Group. It however cautions that there are some public interest issues that are being looked into by SSNIT and the parties to the acqusition.
Below is the press release:
The Bank of Ghana has received and reviewed an application for the 75% acquisition of shares in Merchant Bank (Ghana) Ltd. by First Rand Bank Group of South Africa.
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 the First Rand Bank Group of South Africa.
We believe that these concerns would be addressed very soon to enable Bank of Ghana give its final approval for the transaction.