Hon. Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has criticized Hon. Elizabeth Ohene, the Board Chair of SSNIT, for failing to address key concerns in her article defending the Trust’s decision to sell 60% of its hotel shares to Bryan Acheampong.

He pointed out that Madam Ohene’s defense notably omitted a compelling business case and a clear justification for the sale of SSNIT’s hotels, leaving crucial questions unanswered.

He also raised concerns over the decision to sell the highly profitable Labadi Beach Hotel, which had consistently generated significant revenue for SSNIT, paying out GHS10 million and GHS25 million in dividends in 2022 and 2023 respectively, questioning the logic behind disposing off such a lucrative asset.

“The naked conflict of interest concerns in violation of Articles 284, 98, and 78 of the 1992 Constitution of Ghana when SSNIT selected Bryan Acheampong’s Rock City as its preferred buyer. The value for money issues — why did SSNIT accept Rock City’s bid of US$61million which was way off the mark and very much below SSNIT’s own fair market valuation of the 4 hotels pegged at US$121million?”
Hon. Samuel Okudzeto Ablakwa

Furthermore, Ablakwa expressed bewilderment over SSNIT’s decision to disregard the substantially higher offer of US$150-200 million from Kwaw Blay’s Spartan Ives, as revealed by former NPP Chairman Freddie Blay, and instead opted for a lesser deal.

Ablakwa raised a concern about the inconsistency in the evaluation process, wondering why Bryan Acheampong’s Rock City bid was not disqualified despite the company’s failure to file taxes in 2021 and 2022, which would have rendered their GRA Tax Clearance Certificate invalid.

As such, he pointed out that this oversight constitutes a blatant breach of the Income Tax Act, 2015 (Act 896) and SSNIT’s own explicitly stated Pre-Qualification Criteria, which explicitly require tax compliance.

Ablakwa also raised questions about the irregularity in the procurement process, whereby Bryan Acheampong’s Rock City was permitted to cherry-pick the most lucrative four hotels, despite the initial tender being advertised for all six hotels, suggesting a potential bias in the evaluation process.

Ablakwa Accuses Government Of Favoritism In SSNIT Deal

Moreover, Hon. Samuel Okudzeto Ablakwa expressed concern over the suspicious alteration of the payment terms, which appears to unfairly accommodate Bryan Acheampong’s Rock City, deviating from the original agreement and raising questions about potential favoritism.

He challenged the inconsistency in SSNIT’s decision to waive its own advertised proof of funds requirement, allowing Bryan Acheampong’s Rock City to resort to bond financing to bridge the funding gap, despite initially mandating a stringent proof of funds criterion.

“Hon. Elizabeth Ohene also failed to clarify in what capacity she was writing as she cannot purport to be speaking on behalf of the entire SSNIT board considering organized labor’s press statement of 20th May 2024 stating unequivocally that the 4 labor reps on the SSNIT board opposed the transaction and asked for it to be halted”.
Hon. Samuel Okudzeto Ablakwa

Ablakwa further pointed out that, despite meeting with organized labor recently, President Akufo-Addo failed to intervene and halt the controversial sale of SSNIT’s hotels, effectively disregarding the concerns of labor unions and sparking further outrage.

“Akufo-Addo’s appointed SSNIT board chair, Elizabeth Ohene is also boldly justifying the stinky deal despite overwhelming opposition from Ghanaians and the protest of labor reps on her board”.
Hon. Samuel Okudzeto Ablakwa

He declared that it is now unequivocally established, beyond any shadow of a doubt, that President Akufo-Addo is the mastermind behind the pervasive and corrupting influence of State Capture, which has permeated every level of government.

As such, Ablakwa called for a similar uprising in Ghana, echoing the recent protests in Kenya, and demanding action against the government’s perceived corruption and malfeasance.

He teased a forthcoming announcement, urging the public to stay vigilant and anticipate a major declaration regarding a similar protest in Ghana, hinting at an imminent unveiling of plans to take action.