Rock City Hotel Withdraws Bid From SSNIT Hotels Sale After Organised Labour Threatens Strike
- Bryan Acheampong's Rock City Hotel has withdrawn its bid from the ongoing sale of SSNIT's shares in some four hotels
- This comes on the back of organised labour threatening an indefinite strike action should SSNIT sell its shares in the hotels
- According to Rock City, the bad press the sale has garnered is due to the failure of the SSNIT board to engage with stakeholders
Rock City Hotel has terminated its bid to acquire the 60 per cent shares owned by the Social Security and National Insurance Trust in four hotels.
The decision comes shortly after organised labour threatened an indefinite strike should SSNIT go ahead to sell its stake in the four hotels to Bryan Acheampong or any other bidder.
Source: UGC
The hotels in the midst of this controversy are the Labadi Beach Hotel, the La Palm Beach Hotel, the Royal Ridge Hotel and the Elmina Beach Hotel.
In a letter issued by Rock City Hotel to the Director-General of SSNIT, Kofi Osafo-Maafo, it expressed utter disappointment at the failure of the SSNIT board to engage in a thorough stakeholder engagement prior to launching the bid process.
The hotel stated that their lack of engagement with stakeholders is what has characterised the negative press and reactions the bid has received.
It has thus rescinded its bid in the ongoing process and has consented to SSNIT releasing all or parts of their bid document to the general public if necessary.
SSNIT boss explains reason for selling shares in four hotels
The Social Security and National Insurance Trust (SSNIT) has explained its decision to sell its 60% stake in some four hotels to Rock City Hotel Limited.
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In a press briefing on Monday, July 8, 2024, the Director General of SSNIT, Kofi Bosompem Osafo Maafo, said all hotels listed by SSNIT for sale had suffered a series of losses over the years.
He said the majority of hotels listed no longer pay dividends to the government, leaving the state with no other option than to put them up for sale.
He argued that that was the only way to revive the state hotels.
NPRA greenlights sale of shares to Rock City
Shortly after the SSNIT boss' explanation, YEN.com.gh reported that Agriculture Minister Bryan Acheampong's Rock City Hotel received the greenlight to continue negotiating with SSNIT for the purchase of the SSNIT hotels.
This was revealed by the Employment and Labour Relations Minister, Ignatius Baffour Awuah in parliament today, June 11, 2024.
He said the NPRA was pleased after conducting an evaluation on the processes of the sale
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Source: YEN.com.gh
