Hon. Samuel Okudzeto Ablakwa has revealed that confidential memos from SSNIT, intercepted by him, have confirmed his earlier allegations that the sale of SSNIT’s hotels to Hon. Bryan Acheampong’s Rock City was a lopsided deal that would have shortchanged Ghanaian workers, had he not exposed it.
Accordingly, he noted that the transaction, as revealed, fails to ensure value for money, highlighting the significance of his timely intervention.
Hon. Ablakwa disclosed that the SSNIT memos in his possession reveal that the valuation reports for a 60% stake in the four hotels (Labadi, La Palm, Ridge Royal, and Elmina) estimate a minimum value of US$80,406,630.00 and a maximum value of US$121,315,643.00.
He noted that this indicates the expected range of returns, which SSNIT aimed to achieve through the sale, according to the objective expectations outlined in the memos.
However, Hon. Ablakwa pointed out that the intercepted memos reveal a significant discrepancy, as Hon. Bryan Acheampong’s Rock City offer of US$61,200,000.00 falls alarmingly short of the minimum estimated value of US$80,406,630.00, indicating a substantial undervaluation of the four hotels, Labadi, La Palm, Ridge Royal, and Elmina.
“Considering that SSNIT’s own minimum value based on expert advice was pegged at US$80,406,630.00, the Hon. Bryan Acheampong /Rock City offer did not meet this minimum threshold by as much as US$19,206,630.00. When compared to the upper limit, Hon. Bryan Acheampong’s offer fell short by a staggering US$60,115,643.00”.
Hon. Samuel Okudzeto Ablakwa
Furthermore, Hon. Samuel Ablakwa highlighted a striking disparity, revealing that while SSNIT’s minimum valuation for La Palm Royal Hotel stands at US$37,897,200.00, Hon. Bryan Acheampong’s offer of US$21,000,000.00 falls short by a substantial margin of US$16,897,200.00, indicating a notable undervaluation of the hotel’s worth.
“In the case of Elmina Beach Resort, SSNIT was advised to go for a minimum of US$4,709,430.00, however, Hon. Bryan Acheampong offered a paltry US$2,400,000.00”. – Hon. Samuel Okudzeto Ablakwa
Ablakwa Raises Alarm on Suspicious Bids
Moreover, Hon. Samuel Okudzeto Ablakwa pointed out that analysts are intrigued by the striking coincidence that Hon. Bryan Acheampong’s/Rock City’s bids for Labadi Beach Hotel and Ridge Royal exactly matched SSNIT’s minimum expectations, down to the same figures.
According to Hon. Ablakwa, this fuels suspicions of potential collusion, insider dealings, and a manipulated process that warrants further investigation.
“These intercepted memos once again expose the deceptive and bogus claims by unpatriotic NPP propagandists and their surrogates that Hon. Bryan Acheampong offered a fair price and that his bid is the best for Ghana”.
Hon. Samuel Okudzeto Ablakwa
As such, the Member of Parliament asserted that this revelation is the most damning evidence yet of a clandestine scheme to surreptitiously sell off valuable state assets to favored interests at grossly undervalued prices.
He indicated that this action on the part of those involved in the sale perpetuates a pernicious form of state capture that betrays public trust and undermines national interests.
Consequently, Okudzeto Ablakwa emphasized that Ghanaians must sustain their outrage and protests, gearing up for the June 18 demonstration, since President Akufo-Addo remains obstinately indifferent to the situation at hand.
Ablakwa indicated that the President’s refusal to rein in his appointees and halt the plundering of public hotels exacerbated the nation’s discontent and solidarity against this perceived looting of state assets.
He cautioned that Ghanaians will not stand idly by and allow these vital national assets to be surreptitiously usurped, as was the case with the Labadi Hotel beachfront, which was shockingly revealed to be in the possession of Mr. Kwaw Wresemao Blay, without public knowledge or consent.
As such, Ablakwa sounded a stern warning that Ghanaians will fiercely defend their national heritage and vehemently resist any additional attempts to pillage and privatize the country’s strategic assets, drawing a line in the sand against further encroachment by vested interests.
READ ALSO: Kirby Says Truce Proposal ‘Accurately Reflects’ Plan Made With Israel
