Merchant Bank workers across the country have embarked on a sit-down strike effective immediately.

The workers are calling for the reinstatement of Rev Jonas Korateng Sam, the Chairman of the local union of the workers.

XYZ Business News Editor, Charles Nixon Yeboah who visited some of the branches this morning reports that the workers have refused to start work and are wearing red armbands to press home their demands.

They are calling for the dissolution of the board as well as the management. Rev. Koranteng Sam is said to have been sacked after he complained that the bank was not doing well.

Some of the unions are blaming Mr. Nii Budu Tetteh, Managing Director and Mrs. Marian Rosamond Barnor, Board Chairperson of the bank, of running down the company. The are insistent that until they are removed, the bank will continue to witness a decline in its fortunes.

Merchant Bank Ghana was recently acquired by First Rand Bank of South Africa but the acquisition is yet to be approved by the Bank of Ghana because the process is still ongoing.