TUC plays double standards on controversial sale of Merchant Bank?

The Trades Union Congress is demanding answers on the controversial sale of Merchant Bank despite being a member of the SSNIT board that approved the multi-million dollar deal.

TUC is represented by its Secretary General, Kofi Asamoah, on the SSNIT board that approved the deal on 19th September 2013.

As the majority shareholder, the Social Security and National Insurance Trust had agreed to sell the Bank to Fortiz, a private equity fund business for 90 million Ghana cedis.

Opposition to the deal which has already been approved by the Bank of Ghana has been growing.

The Executive Director of the Centre for Freedom and Accuracy Andrew Awuni who is championing the struggle against the sale is in court challenging the sale and has also filed another application seeking to place an injunction on the transaction that will seal the deal.

The Minority in Parliament on Thursday also described the deal as a scam.

As the MP for New Juaben South, Dr Mark Assibey-Yeboah, who is also a member of the Finance Committee of Parliament put it, “this is a scam; a fraud being perpetuated on the Ghanaian people. How can you give your daughter for marriage before the marriage rites are performed?”

In the wake of growing resentment against the deal, Joy News has learnt that the Trade Union Congress has begun moves following a meeting on Thursday with SSNIT officials to get answers on the controversial deal.

The executive board of the Trades Union Congress later Thursday invited SSNIT officials in charge of the Merchant Bank sale to a meeting, demanding answers on the multi-million dollar deal.

The meeting ended inconclusively, as TUC executives expressed dissatisfaction with the answers provided to its questions.

TUC wanted to know whether the takeover would result in any job losses when Fortiz acquires the Bank. The meeting was adjourned to next week, for SSNIT officials to return with more details.

Mr. Asamoah tells Joy News, the TUC will declare its position on the sale after its next meeting with the SSNIT officials.

Ghana|Myjoyonline.com