The National Democratic Congress Member of Parliament for North Tongu Constituency, Honorable Samuel Okudzeto Ablakwa, has questioned the payment of US$491,986.00, equivalent to GHS7.1 million at the current exchange rate to SEM Capital, the transaction advisor to the SSNIT’s controversial sale of its 60% shares in its four hotels to Honorable Bryan Acheampong.
The National Democratic Congress lawmaker, in expressing dismay at the development underscored the substantial financial burden placed on Ghanaian workers, who directly fund the Social Security and the National Insurance Trust (SSNIT).
“In pursuit of full transparency and accountability, I can today reveal that the Transaction Advisor for SSNIT’s sale of a 60% stake in its hotels to Bryan Acheampong’s Rock City is SEM Capital.
“It’s costing Ghanaian workers a hefty US$491,986.00 (GHS7.1 million at the current exchange rate) to pay SEM Capital to advise on a transaction the overwhelming majority of Ghanaian workers do not support”.
Honorable Samuel Okudzeto Ablakwa, Member of Parliament North Tongu Constituency
He emphasized that the financial strain comes at a time when many workers are grappling with economic hardships and uncertainties about their future pensions.
Honourable Ablakwa, known for his strong advocacy for good governance as part of his criticisms of the payment, bemoaned the absence of comprehensive consultations by the Social Security and the National Insurance Trust before initiating the sale, stressing that selling strategic state assets requires extensive consultation.
He emphasized the need for the Social Security and the National Insurance Trust to have engaged in broad consultations before it commenced the sale of its shares in the four hotels.
The North Tongu Member of Parliament further stated that an inclusive dialogue with stakeholders, particularly the Ghanaian workforce, would have shown the potential consequences and perhaps fostered a more transparent and democratic process in the sale of SSNIT shares in the four hotels.
With a firm stance against what he perceives as an ill-advised transaction, Honorable Ablakwa made an urgent call to the Social Security and the National Insurance Trust to halt the sale immediately.
He underscored the urgent need for the government to undertake measures to combat state capture and protect national assets from being divested without the express support of the populace.
Honourable Ablakwa, while calling for the termination of the transaction, further called for a reassessment of the decision and greater oversight in the management of state assets going forward.
Conflict of Interest in SSNIT Shares Acquisition
In earlier remarks, Musa Danquah, a renowned Financial Consultant and Executive Director of Global InfoAnalytics raised concerns about the involvement of Honorable Bryan Acheampong in the tendering process for the acquisition of Social Security and National Insurance Trust (SSNIT) shares in its four hotel properties.
Mr Danquah specifically pointed out that the involvement of Honorable Bryan Acheampong, a politically exposed person and the sole beneficial owner of Rock City Hotel, is a significant area of concern.
He emphasized that individuals like Honorable Bryan Acheampong, due to their high level of political exposure, should ideally refrain from participating in such tenders, regardless of the fairness or competitiveness of their bids.
Mr Danquah further explained that the level of Honorable Bryan Acheampong’s political exposure inherently portends a higher level of scrutiny and suspicion, which can tarnish the transparency and integrity of the process, underscoring the importance of maintaining public trust and avoiding any perception of impropriety.
He emphasized that while Honorable Bryan Acheampong’s Rock City Hotels bid might be legally permissible and financially sound, the association of his name to Rock City Hotel alone can attract criticisms of conflict of interest.
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