North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, has released additional documents to reinforce his stance against the proposed sale of four state-owned hotels to a serving cabinet minister, emphasizing that it was a disadvantageous deal.
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In his recent comments on the matter, Ablakwa shared an internal memo exchanged between the state-owned pensions outfit, SSNIT, and Rock City Hotels Limited, owned by Agriculture Minister Bryan Acheampong.
Titled “SSNIT-ROCK CITY GROUP SALE OF STAKE IN SSNIT HOTELS NEGOTIATION,” the document outlined the agreed sale prices for each of the hotels in question: Labadi Beach Hotel, La Palm Royal, Ridge Royal, and Elmina Beach Resort.
According to SSNIT’s valuation, the combined value of all four hotels exceeded US$121 million, while Rock City’s offer stood at US$61.2 million.
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In a detailed explanation of the deal shared on social media platforms on June 3, Ablakwa highlighted, “The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) ranges from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.”
He continued, “From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00,” indicating the substantial shortfall in Rock City’s bid compared to SSNIT’s valuation.
Ablakwa underscored the significant losses that SSNIT would incur if they proceeded with accepting Rock City’s offer.
Ablakwa initially brought attention to the planned sale of SSNIT’s stake in the hotels and has since provided evidence to demonstrate that the deal was not in the best interest of the state and pensioners.
He has also lodged a petition with CHRAJ to investigate possible conflicts of interest regarding the minister’s involvement in Rock City and his political roles as a minister and Member of Parliament.
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