SSNIT Responds After Ablakwa Raises Alarm Over Shady Sale Of 60% Hotel Stake To Bryan Acheampong
- The Social Security and National Insurance Trust (SSNIT) has defended the move to sell a 60% stake in its hotels to Rock City Hotel
- Samuel Okudzeto Ablakwa has petitioned the Commission on Human Rights and Administrative Justice to investigate the sale of some hotels
- The hotels in question include Labadi Beach Hotel, La Palm Royal Beach Resort and Elmina Beach Resort
The Social Security and National Insurance Trust (SSNIT) has defended the move to sell a 60% stake in its hotels to Rock City Hotel, owned by Minister for Food and Agriculture Bryan Acheampong.
SSNIT's response follows a petition to the Commission on Human Rights and Administrative Justice on the conflict of interest in the deal.
Source: Facebook
The trust said the deal to partner with an investor started in 2018 through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act.
It also noted that the advertisement was published in The Economist's January 5-11, 2019 edition.
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This led to 15 firms expressing interest, following which 16 were shortlisted.
SSNIT said the Rock City Hotel submitted the best and strongest technical and financial proposal and is in negotiation to sell a 60% stake in four hotels: Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort.
Ablakwa contends that selling SSNIT’s shares violates procurement procedures and wants the commission to stop the sale.
Ablakwa further asserted that Acheampong, who owns Rock City Hotel Limited, has breached the Constitution by holding a professional position without permission. This violates Articles 78(3) and 98(2) of the 1992 Constitution.
SSNIT said it will cooperate fully with the commission throughout its investigation process.
Ablakwa's previous alarms
Ablakwa recently complained about the 150% allowance increment granted by the GNPC board and CEO despite the country's dire economic conditions.
He says he's proposing a new bill to stop the practice where boards and CEOs can increase their salaries.
He says he's proposing a new bill to stop the practice where boards and CEOs can increase their salaries.
Ablakwa also leaked that the Black Stars of Ghana budgeted $8 million for preparation and participation in the AFCON tournament in Cote d'Ivoire.
The North Tongu MP described the allocation as shocking and called for a parliamentary probe.
The document was a letter from the Ministry of Youth and Sports requesting the Finance Ministry make a partial payment of $8,506,450.
SSNIT reserves projected to hit 0 by 2036, per new report
YEN.com.gh reported the International Labour Organisation has projected a complete depletion of SSNIT’s reserve by 2036.
The International Labour Organisation made these findings in an actuarial valuation study of SSNIT’s viability
It said starting in 2029, total contributions, investment income and other income will no longer be sufficient to pay for annual expenditures.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
