Private business mogul Mr. Ibrahim Mahama has denied ever been indebted to Merchant Bank or its successor, UMB Bank as alleged by investigative journalist Manasseh Azuri in his latest book titled “The President Ghana Never Got”.

In a letter to Manasseh, lawyers of Mr Mahama said their client has never applied for or received any facility from the said Bank in his personal capacity or for his personal use.

The letter explained that Engineers & Planners Company Limited, which is a separate legal entity from Mr Mahama, applied for and received a loan facility from Merchant Bank.

In February 2014, the amount of $28million was paid by Engineers and Planners Company Ltd to Merchant Bank, in full and final settlement of the loan amount.

“Unfortunately, just like you, most persons have ignorantly persisted in publishing the unfounded allegation of our Client being heavily indebted to Merchant Bank and which indebtedness lead to the sale of the Bank to Fortiz,” the letter said.

It detailed that, Mr Mahama and his company recently found out that contrary to the evidence, the persons who took over the majority shares of Merchant Bank and the Management of the Bank, refused to report the fact that the debt had been paid to the Credit Bureau Agencies and the Bank of Ghana and may have even not credited the accounts of the bank with the amounts received from Engineers and Planners.

Mr Mahama is demanding a retraction and apology from Manasseh for lowering his reputation as an honest businessman in the eyes of well-meaning Ghanaians.  

Manasseh has seven days to do same or risk being sued.