In another bombshell exposé, Hon. Okudzeto Ablakwa has uncovered a shocking tale of corruption and cronyism in the sale of SSNIT’s 25% shares in Grand Regency Hotel, Kumasi to Hon. Bryan Acheampong in 2022
He made this revelation on his Facebook account on May 18, 2024.
“It is unconscionable that SSNIT would sell its shares at a loss of GH¢1.2million to Hon. Bryan Acheampong, a clear case of prioritizing personal interests over national interests,” Hon. Ablakwa said
This revelation comes after the Member of Parliament (MP) petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate and stop an alleged sale of six hotels belonging to the Social Security and National Insurance Trust (SSNIT).
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The intercepted letters and minutes reveal a disturbing pattern of favouritism, with Bryan Acheampong’s Rock City enjoying preferential treatment by the state.
“From the minutes on the negotiations, Bryan Acheampong’s Rock City rejected SSNIT’s request to have the valuation priced in US Dollars, and they also rejected SSNIT’s suggestion to align their offer price with the prevailing Cedi-Dollar rate,” he added.
“This is a classic example of how the powerful and connected in our country perpetuate corruption and rip off the state, while the ordinary Ghanaian suffers,” Hon. Ablakwa lamented.
According to him, Mr Kofi Osafo-Maafo’s promotion to Director-General of SSNIT, despite his role in the questionable negotiations, raises eyebrows and highlights the lack of accountability and impunity in our country.
“The fact that Mr. Osafo-Maafo is now set to finalize the sale of 6 additional hotels to Hon. Bryan Acheampong’s company is a clear conflict of interest and a recipe for further disaster,” Hon. Ablakwa warned.
Ghanaians are seeking transparency and demanding an instant halt to the questionable sale of the 6 hotels, as Hon. Ablakwa stated, “The Commission on Human Rights and Administrative Justice (CHRAJ) must not fail Ghanaians in this matter. We will not allow the marauding cabal to continue looting our nation’s assets.”
Earlier on the revelation on the sale of the six hotels, in his petition to CHRAJ, according to him, the hotels are being sold to Bryan Acheampong, the Minister for Agriculture and MP for Abetifi.
“Intercepted documents in my possession confirm that SSNIT is far advanced in selling a controlling 60% stake in six of its hotels to Rock City Hotel Limited owned by Hon. Bryan Acheampong, the MP for Abetifi and Minister for Food and Agriculture. Hon. Acheampong is a director and the sole beneficial owner of Rock City Hotel Limited,” he wrote on X (May 17, 2024)
Find below documents and full statement released on his Facebook handle on May 18, 2024 on the 25% shares sale in Grand Regency Hotel.
More revealing documents on the SSNIT-Bryan Acheampong Bromance.
These intercepted letters and minutes on how SSNIT sold its 25% shares in the Grand Regency Hotel, Kumasi to Hon. Bryan Acheampong in 2022 must serve as a cautionary tale on how the latest transaction involving 6 hotels would be finalized if we don’t stop the marauding cabal.
Interesting observations:
1) Even though SSNIT’s 25% shares in Grand Regency Hotel were valued at GH¢8.6 million, SSNIT was happy to sell to Bryan Acheampong at only GH¢7.4 million.
This means that the State, and Ghanaian workers in particular, lost a massive GH¢1.2million in this deal;
2) From the minutes on the negotiations, Bryan Acheampong’s Rock City rejected SSNIT’s request to have the valuation priced in US Dollars, and they also rejected SSNIT’s suggestion to align their offer price with the prevailing Cedi-Dollar rate;
3) Why has Bryan Acheampong been shockingly allowed to make his below-value payment in instalments, despite enjoying exceptional preferential treatment?
4) It is extremely worrying that Mr. Kofi Osafo-Maafo who chaired these soft, crony negotiations in which Ghana made huge losses has been promoted to Director-General of SSNIT, after his boss was disgracefully removed, and is now set to finish what he started with these 6 additional hotels.
5) Whose great patriotic idea was it to quietly sell SSNIT’s 25% shares in a profitable Grand Regency Hotel in Kumasi with an occupancy rate of 90% to Hon. Bryan Acheampong?
Ghanaian workers do not deserve this from their pension managers.
The dubious sale of the 6 hotels will be stopped — may CHRAJ not fail Ghanaians.
For God and Country.
