Fortiz Private Equity Fund Ltd, a wholly owned Ghanaian equity fund has reached agreement with the Social Security and National Insurance Trust (SSNIT) and SIC Life to take over the majority stake in Merchant Bank Ghana Ltd.

Under the terms of the Agreement, the acquisition includes the nonperforming loans in Merban Assets Recovery Trust. Fortiz Private Equity Fund Ltd. will inject adequate capital to address the solvency and liquidity challenges facing the bank and implement a turnaround strategy to ensure that the bank continues to operate normally. The strategy includes listing the bank on the Ghana Stock Exchange within three years.

The Bank of Ghana has reviewed the Agreement of the parties and granted its approval.

Source: Bank of Ghana.