The TUC has warned that any attempt by the government to appoint a consortium, WPA/KPMG/SEM/ECOBANK as financial adviser for the proposed divestiture of the Ghana Commercial Bank will spell down for the country.

It said that the union was privy to a letter from the Office of the President and the Ministry of Finance requesting the Executive Secretary of the Divesture Implementation Committee (DIC) to sign a contract with the consortium.

A source close to the TUC viewed the directive as undue interference in the work of the DIC since it had earlier on decided not to appoint the consortium.

The source said at the 56th DIC meeting held on August 7,2002, the Committee decided not to accept the recommendation of the FINSAP Secretariat to approve a draft contract appointing WPA/KPMG/SEM/ECOBANK as the financial adviser for the privatization of GCB.

It therefore, came as a surprise to them when an advertisement in the April, 2003 issue of an “Accra Daily” named WPA/KPMG/SEM/ ECOBANK as financial adviser for the divesture of the GCB.

The source said in the light of the perceived corruption and the lack of transparency that are associated with the divestiture of many state assets, the TUC had requested the President to uphold the decision of the DIC and to revoke the appointment of WPA/KPMG/SEM/ECOBANK Consortium as the financial adviser of the divestiture of the GCB.