150 protesters march against sale of Merchant Bank to Fortiz

One Hundred and fifty protesters marched through the streetsof the Centreal regional capital, Cape Coast, Sunday, April 6, in protest against the sale of Merchant Bank to Private Equity Fund, Fortiz.

The demononstration was organized by the Public Action Against Corruption and Abuse (PAACA).

The angry demonstrators told Joy FM’s’ Central Regional Correspondent, Richard Kwodwo Nyarko that the sale of the bank was not in the best interest of Ghanaians.

The sale of the bank has already seen demonstrations on the streets of Accra, Kumasi Koforidua and Takoradi.

FORTIZ acquired Merchant Bank for 90 million Ghana cedis in return for 90 percent stake, a transaction, which was gravely criticized some civil society groups.

Speaking to JOYNEWS, Secretary of PAACA, Joseph Otoo, says the sale of Merchant Bank smacks of corruption since the sale of 90 percent stake in Merchant Bank for a GH¢90 million to Fortiz does not inure to the benefit of SSNIT contributors.

The group is therefore calling for a reversal of the transaction for investigations to be conducted into the sale in order for issues to be made much clearer to Ghanaians.

The demonstration is also against other socio-economic issues affecting the people such as the delay in the construction of the Cape Coast stadium, which was a campaign promise of the government.

The Secretary of PAACA also complained about the on-going construction of the Kotorkroba market, which, he claimed is badly constructed.

The demonstration also touched on the issues such as the Premix and fuel increment, which Mr. Otoo explained, is having a toll on the fisher folks in the region.

According to him, the fisher folks are lamenting over the increment in fuel prices, which they claimed has affected the profit margins in their businesses and are unable to pay for their children’s school fees.

Meanwhile, the Central Regional Police provided security to demonstrators that turned up very peaceful.

Speaking to Joy News early in the day, Central Regional Police Head of Public Relations, ASP Irene Oppong said identifiable routes have been earmarked for the demonstrators


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