According to a statement copied to Joy Business, the Central Bank said in principle it has no objection to the takeover.
It however noted that there have been some "public interest" concerns which is being resolved by SSNIT, Merchant Bank and First Bank.
The regulator added that it believed these concerns would be addressed soon to pave the way for the approval.
The Bank of Ghana also in the statement confirmed that it has received and reviewed an application for a 75 percent stake in Merchant by First Rand.
South Africa's second biggest financial group, First Rand wants to buy the 75 percent stake in Merchant for 176.4 million Ghana cedis.
Source: Joy Business
