HomeNewsLocal NewsSSNIT must come clean – Majority Leader demands transparency on hotel sale

SSNIT must come clean – Majority Leader demands transparency on hotel sale


The Majority Leader in Parliament, Alexander Afenyo-Markin, has urged the Social Security and National Insurance Trust (SSNIT) to release documents related to the sale of its shares in four hotels to Dr Bryan Acheampong, the Agriculture Minister.

“Let me make this appeal to SSNIT, SSNIT must come out, make the documents available, and speak to it. I mean, they cannot be dodgy. This is not a political matter. I cannot come and speak to it politically, condemn it, or commend it,” he said.

SSNIT is in the final stages of selling 60% of its shares in the Elmina Beach Resort, Ridge Royal Hotel, La Palm Royal Beach Resort, and Labadi Beach Hotel to Rock City Hotel, which is owned by Dr Acheampong.

Stakeholders have raised concerns about a possible conflict of interest in the transaction, with MP for North Tongu, Samuel Okudzeto Ablakwa, petitioning CHRAJ to probe the deal.

Mr Ablakwa’s petition to CHRAJ seeks an investigation into various allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.

Mr Ablakwa in his petition highlights what he views as a violation of constitutional provisions, citing Articles 78(3) and 98(2) of the 1992 Constitution.

SSNIT has denied any foul play in its decision to sell a 60% stake in its hotels to Rock City Hotel.

In a press release, the Trust stated that the process started in November 2018 after it had employed a Transaction Advisor, to guide the selection of a Strategic investor amongst others.

It noted that following this “further advertisements for an Expression of Interest (EOI) for a Strategic Partner for the SSNIT Hotels were placed in the Daily Graphic on 3rd February 2022 and in the Ghanaian Times on 7th February 2022. The advertisement was also published in The Economist Magazine on 26th February 2022.”

SSNIT stated that six of the nine companies that responded to the advertisements were then shortlisted and issued with Request for Proposal documents.

However, Afenyo-Markin has called on SSNIT to provide a detailed explanation of the deal to the public.

“SSNIT must come out, and even not only this decision, [it must] look at all their investments that are failing and explain them to the public.

“I am sure that TUC and other labour unions will understand if these things are explained and they will take away Bryan Acheampong as a person and understand that, let’s not look at the form but at the substance.”


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