Officials of the FirstRand Ltd's said that negotiations to purchase Merchant Bank Ghana was unsuccessful. Consequenlty, this prevents the bid of South Africa's second-biggest financial services corporation to make its presence felt in West Africa.

"Despite all reasonable endeavors, the parties were unable to reach agreement on the commercial principles underlying the transaction," Sam Moss, investor relations director of Johannesburg-based FirstRand, said in a Bloomberg report.

"The transaction cannot be completed and has lapsed," Moss added.

This is FirstRand's second failed bid to enter West Africa after it was also unable to successfully create an agreeable terms to purchase Nigeria's Sterling Bank Plc in 2011.

FirstRand proposed to purchase 75% of Merchant Bank Ghana for about US $74.7 million last year after South African lender Sizwe Nxasana expressed his intention to enter Ghana and Nigeria.

Moss stated that the Social Security National Insurance Trust of Ghana would still be inviting new offers from those interested to purchase Merchant Bank.

"Ghana remains a priority country for expansion and the group would continue to engage with SSNIT on its new process," Moss said.