Sale of SSNIT stake in hotels: Bryan Acheampong should disengage – Edudzi

Private legal practitioner and Director of Legal Affairs of the National Democratic Congress (NDC), Edudzi Tamakloe, has said the Minister of Food and Agriculture, Bryan Acheampong, should disengage from purchasing SSNIT’s 60 percent stake in four hotels.

According to Mr Tamakloe, information from the Ghana Revenue Authority (GRA) reveals that Rock City Hotel Limited, a company owned by the Agric Minister and MP for Abetifi, is running at a loss and hence unfit to buy the lucrative and profit-making SSNIT hotels.

“You are asking Bryan Acheampong’s Rock City to take these hotels. Now when you go to Ghana Revenue Authority (GRA) the last update on the financials of Rock City was updated on the 4th of April 2024. Rock City posted a loss of GHC1.9 million.

“So now the question is: between Labadi Beach, Ridge Royal and Rock City which one should be taken over?” Edudzi quizzed during discussions on TV3 New Day on Tuesday, June 18.

“This issue of SSNIT trying to diverse 60 percent of its stake in these four important hotels, I mean, if Bryan Acheampong has anything called conscience left in him, he should disengage,” he stated.

He further dismissed SSNIT’s claims that not all of the four hotels are making a profit, stating that “if you run a business, you diversify your portfolio so that if there are loss-makers, those doing well can actually [support the loss-makers]… we call it a cross-subsidy kind of thing.”

SSNIT says  Rock City Hotel offered the best price

Meanwhile, the Social Security and National Insurance Trust (SSNIT), in response to the allegations by North Tongu Member of Parliament Samuel Okudzeto Ablakwa, said, among other things, that  Rock City Hotel Limited presented the best offer for the purchase of SSNIT’s 60% stake in each of the four hotels.

“Based on the criteria set out in the RFP, Rock City Hotel submitted the best and strongest technical and financial proposal amongst those received. Consequently, it is in negotiation with SSNIT to buy a 60% stake in each of the four (4) hotels (Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort),” SSNIT said in its May 19 press statement.

‘Hands off our Hotels’ demo underway

Meanwhile, the North Tongu lawmaker leads a demonstration dubbed ‘Hands Off Our Hotels’, calling on the President to halt the sale of the SSNIT hotels.

Mr Ablakwa said in May, “This demonstration becomes absolutely crucial because of latest intercepted documents which reveal that SSNIT is proceeding with the transaction despite my CHRAJ complaint and despite the palpable public outrage.”

Scores of Ghanaians, including the Minority in Parliament, have thrown their weight behind the MP to register their displeasure about the deal.

The demonstrators are expected to present a petition to President Nana Akufo-Addo at the Jubilee House.

 

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