In a latest revelation, the Member of Parliament for North Tongu Constituency, Honorable Samuel Okuudzeto Ablakwa, has brought to light a series of troubling documents and minutes revealing how the Social Security and National Insurance Trust (SSNIT) sold its 25% shares in the Grand Regency Hotel in Kumasi to Honorable Bryan Acheampong in 2022.
This transaction, marked by significant financial losses and questionable negotiations according to Mr Ablakwa underscores the urgent need for scrutiny and intervention in similar ongoing deals involving SSNIT’s hotel assets.
“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”.
Samuel Okuudzeto Ablakwa, Member of Parliament for North Tongu
Honorable Ablakwa began by stating that even though SSNIT’s 25% shares in the Grand Regency Hotel were valued at GHS 8.6 million, SSNIT inexplicably agreed to sell the shares to Bryan Acheampong for only GHS 7.4 million.
He noted that the undervaluation resulted in a loss of GHS 1.2 million for the state and Ghanaian workers, raising serious questions about the motivations and decision-making processes behind this sale.
Furthermore, the National Democratic Congress Member of Parliament revealed that during the negotiations, significant issues were raised that cast doubt on the fairness and transparency of the transaction.
He noted that Honorable Bryan Acheampong’s Rock City rejected SSNIT’s request to price the valuation in US Dollars, opting instead for a Cedi valuation that did not reflect the prevailing Cedi-Dollar exchange rate, alleging that the rejection potentially skewed the value of the transaction further in Honorable Acheampong’s favor.
Adding to the controversy, Honorable Ablakwa further recounted that Honorable Bryan Acheampong was allowed to make his below-value payment in installments, stating that such preferential treatment is highly unusual and raises questions about the fairness and integrity of the negotiations.
He accused SSNIT for given Honorable Bryan Acheampong an undue advantage at the expense of the state and Ghanaian pensioners.
Questionable Leadership and Promotions
Moreover, Honorable Ablakwa revealed that the negotiation process was chaired by Mr. Kofi Osafo-Maafo, who has since been promoted to Director-General of SSNIT following the removal of his predecessor.
He noted that the promotion of Mr. Kofi Osafo-Maafo despite the significant financial loss incurred under his watch, is deeply concerning, stressing that his promotion suggests a continuity of the same practices that led to the initial undervaluation and sale, potentially affecting future transactions involving SSNIT’s assets.
The North Tongu lawmaker emphasized that the decision to sell SSNIT’s 25% shares in a profitable hotel with a 90% occupancy rate to Bryan Acheampong remains highly questionable.
He emphasized that the perceived lack of transparency and justification for the sale indicates a disregard for the best interests of Ghanaian workers, whose pensions are managed by SSNIT.
In a fervent call for action the Ranking Member of the Parliamentary Committee on Foreign Affairs underscored the need for the Commission on Human Rights and Administrative Justice (CHRAJ) to intervene and halt what he describes as the dubious sales of six additional hotels by SSNIT to Honorable Bryan Acheampong.
He expressed grave concern over CHRAJ prolonged delay in the investigation of his previous petition against Rev. Victor Kusi Boateng/Kwabena Adu Gyamfi associated with President Akufo-Addo’s National Cathedral project, which he stated has taken over 15 months without a final report.
Honorable Ablakwa emphasized that the sale of the six hotels belonging to SSNIT could jeopardize thousands of jobs and the economic stability of those employed in the establishments, stating that the hotels are vital to the hospitality industry and contribute significantly to the country’s economy.
Honorable Ablakwa thus stressed that the sales of the six hotels belonging to SSNIT must be halted to prevent further exploitation and loss of national assets.
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