Hon. Bryan Acheampong, the Minister for Agriculture and owner of Rock City Hotel, has strongly denied allegations of preferential treatment in the proposed sale of a 60 percent stake in six hotels owned by the Social Security and National Insurance Trust (SSNIT).

The hotels in question include La Palm Beach, Labadi Beach , Royal Ridge, Trust Lodge, Busua Beach Resort and Elmina Beach Resort. Hon. Acheampong emphasized the transparency and fairness of the bidding process, asserting that Rock City Hotel was not given any special consideration.

Hon. Acheampong elaborated on the process, highlighting that Rock City submitted its bid in February 2022.

“First of all, Rock City was not given an exemption on tax clearance. They were not. I am told they submitted their bid in February 2022. In February 2022, they needed to have filed their taxes for 2021 by April 2022.
“So, even as of 2022 when they applied for the tender, their 2021 taxes were not due. So, you are given a provisional tax clearance based on the VAT and all other taxes that you have paid.”
Hon. Bryan Acheampong, the Minister for Agriculture and owner of Rock City Hotel

Addressing the allegations directly, Hon. Acheampong expressed his disappointment in Hon. Ablakwa’s claims.

“It is not true that Rock City was given any preferential treatment or did not have tax clearance…Sammy knows that but he continuously tries to mislead the public.”
Hon. Bryan Acheampong, the Minister for Agriculture and owner of Rock City Hotel

Hon. Acheampong further explained the negotiation terms, noting that Rock City proposed paying 50% of the bid price upfront and spreading the remaining 50% over two years.

“That was when SSNIT requested a bank guarantee and it was a point that Rock City had been offered as the preferred bidder. They were the only ones negotiating with SSNIT because all the others had not gotten to the negotiation stage.”
Hon. Bryan Acheampong, the Minister for Agriculture and owner of Rock City Hotel

Counterclaims by Samuel Okudzeto Ablakwa

In contrast, Hon. Samuel Okudzeto Ablakwa, the North Tongu MP claimed that Rock City Hotel received favorable terms not available to other bidders. According to Hon. Ablakwa, Rock City was permitted to pay half of the $61 million bid price upfront and spread the remaining half over 24 months, without presenting a bank guarantee.

“If you read the transaction advisor’s report, it is clear that transaction from the beginning as I said was insider dealing…It reveals that Rock City was allowed to make an offer to pay half, 50% of the $61 million bid price and then they were allowed to spread the half over 24 months… Something that was not made available to other bidders.”
Hon. Samuel Okudzeto Ablakwa, the North Tongu MP

Hon. Ablakwa accused SSNIT and Rock City of engaging in insider dealing. He emphasized that all bidders were informed that the transaction was a one-off and that installment payments would not be permitted.

“All bidders were told that this is a one-off transaction, no installment, and yet Rock City was allowed an installment plan. The transaction advisor also discovered that Rock City did not present a bank guarantee.”
Hon. Samuel Okudzeto Ablakwa, the North Tongu MP

Amidst these allegations, Rock City Hotel has withdrawn its bid to purchase the 60 percent stake in the four SSNIT-owned hotels. This decision comes as the controversy surrounding the transaction continues to escalate.

The dispute between Hon. Bryan Acheampong and Hon. Samuel Okudzeto Ablakwa over the SSNIT hotels’ sale highlights the ongoing tensions and accusations of preferential treatment in high-stakes government transactions.

As the debate unfolds, the public awaits further clarifications and potential investigations to ensure transparency and fairness in the sale process.

Mr. Acheampong’s firm denial of any preferential treatment and Rock City’s withdrawal from the bid add new dimensions to this evolving story. The allegations and counterclaims underscore the need for rigorous scrutiny in public asset transactions to maintain public trust and integrity.