The Social Security and National Insurance Trust (SSNIT) has defended its decision to sell a 60% stake in four hotels to Rock City Hotel, owned by Bryan Acheampong, the Minister for Food and Agriculture.
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In a statement released on May 19, 2024, SSNIT explained that Rock City Hotel presented the best technical and financial proposal among the bids received, meeting the criteria in the Request for Proposals (RFP).
SSNIT stressed that the selection process was transparent and followed the Public Procurement Act, ensuring no favoritism.
The decision to partner with an investor aims to raise capital for further investments in the hotels and improve their management.
This process began in 2018 with International Competitive Tendering (ICT) to ensure fairness. SSNIT hired a Transaction Advisor in November 2018 to help select a strategic investor.
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Photo via Graphic Online
SSNIT stated that Rock City Hotel submitted the strongest proposal based on the RFP criteria and is now negotiating to buy a 60% stake in Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort.
Bids for Busua Beach Resort and the Trust Lodge were unsuccessful and are not included in the deal.
This development follows a petition by MP Samuel Okudzeto Ablakwa to the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the sale of six hotels.
Ablakwa’s petition alleges conflicts of interest, abuse of power, and procurement breaches. He claims violations of constitutional provisions, arguing significant breaches of legal and ethical standards.
SSNIT maintains that their strategy to partner with an investor has been transparent and compliant with the Public Procurement Act since it began in 2018.
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