26.6 C
Accra

SSNIT Clears Air on Hotel Sale; Rock City Hotel’s Offer Selected for Its Merit

The Trust is seeking to partner a strategic investor to raise capital to invest in the hotels, and also assist in their management. The primary objective of finding a strategic investor is to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme.

Management of the Social Security and National Insurance Trust (SSNIT) has dismissed any wrongdoing in its decision to sell 60 per cent of its stake in its hotels to Rock City Hotel as it describes it as engaging in a strategic partnership to raise capital to invest in the hotels. 

According to the SSNIT in a press release, the objective of bringing in a strategic investor is to improve operational efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme as the process is nearing its final stages.

The statement from SSNIT follows a petition by North Tongu MP, Samuel Okudzeto Ablakwa, to CHRAJ, alleging wrongdoing in the sale of six hotels – Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and Trust Lodge Hotel – and seeking an investigation into the matter.

- Advertisement -

“The Trust is seeking to partner a strategic investor to raise capital to invest in the hotels, and also assist in their management. The primary objective of finding a strategic investor is to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme,” portions of the statement read.

Join our WhatsApp Channel for more news

Mr. Ablakwa is demanding an investigation into a range of allegations, including: conflicts of interest, abuse of power, lack of transparency, procurement irregularities, nepotism, and corrupt activities.

“In my petition, I am inviting CHRAJ to investigate grave matters bothering on conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft. I have also drawn attention to blatant violations of Article 78(3) and 98(2) of the 1992 Constitution as diligent checks from Parliament’s Committee on Office of Profit reveal that Hon. Bryan Acheampong has not applied and does not have the permission of the Speaker of Parliament to hold an office of profit,” he said.

- Advertisement -

SSNIT in its statement clarified that its plan to partner with an investor to raise capital and enhance hotel management started in 2018, adhering to the International Competitive Tendering (ICT) procedures outlined in the Public Procurement Act.

“Accordingly, SSNIT went through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act, 2003 (ACT 663), as amended by ACT 914, for the selection of a strategic investor,” it said.

SSNIT, a statement owned pension house is seeking to sell six hotels to Hon. Bryan Acheampong, a current appointee of the same government in charge of Food and Agriculture as a Minister.

Following the press release, Hon. Ablakwa took to his Facebook page to reiterate his call for a fair and impartial investigation by CHRAJ, emphasizing his expectation of a fair outcome.

“It’s great to note that SSNIT will cooperate fully with the CHRAJ investigations following my petition.  We shall save our hotels for the workers of Ghana.  Enough of the State Capture!,” he stated.

While you're here, we just want to remind you of our commitment to telling the stories that matter the most.Our commitment is to our readers first before anything else.

Our Picks

THE LATEST

INSIDE POLITICS

Get the Stories Right in Your Inbox

OUR PARTNERS

Allafrica.com

MORE NEWS FOR YOU