SSNIT Clarifies Decision To Sell 60% Stake In Hotels To Bryan Acheampong’s Rock City Hotel



The Social Security and National Insurance Trust (SSNIT) has released a statement addressing the recent controversy surrounding its decision to sell a 60% stake in its hotels to Rock City Hotel, owned by Dr. Bryan Acheampong, Minister for Food and Agriculture.

This move by SSNIT has sparked debates and concerns, particularly following a petition submitted by North Tongu MP, Samuel Okudzeto Ablakwa, urging the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate and halt the sale of six hotels, namely Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
Ablakwa’s petition to CHRAJ seeks to raise several allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.

In its response, SSNIT emphasized that the decision to sell the stake in the hotels to Rock City Hotel was made after careful consideration of various factors, including financial viability and strategic partnerships. The Trust reiterated that the transaction was conducted in accordance with all relevant guidelines and regulations governing such dealings.

According to SSNIT, the decision to partner with an investor is also to raise capital to invest in their hotels and assist in their management.

The process started as far back as 2018 through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act.

SSNIT pointed out that the process began in November 2018 with the engagement of a Transaction Advisor through the ICT method of procurement.

After a competitive bidding process, Rock City Hotel submitted the best and strongest technical and financial proposal among those received.

Consequently, it is in negotiation with SSNIT to buy a 60% stake in four of the hotels: Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort.

The Trust also stated that the bids for Busua Beach Resort and the Trust Lodge were considered unsuccessful, and they are no longer part of the hotels covered in this process.

By Vincent Kubi