Akufo-Addo Speaks On Botched Rock City Deal With SSNIT: "Unnecessary Controversy"

• President Akufo-Addo has reacted to the controversy around the failed attempt to sell stakes in four SSNIT hotels to Rock City Hotel
• Akufo-Addo addressed workers at the 12th quadrennial delegates conference of the Trades Union Congress
• The hotels in question include Labadi Beach Hotel, La Palm Royal Beach Resort, and Elmina Beach Resort

President Akufo-Addo has spoken on the controversy around the failed attempt to sell stakes in four Social Security and National Insurance Insurance Trust (SSNIT) hotels to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.

Akufo-Addo described the whole episode as unnecessary while speaking at the 12th quadrennial delegates conference of the Trades Union Congress.

Citi News reported that the president urged Ghanaians to be guided in the pronouncement regarding SSNIT assets.

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Akufo-Addo assured that SSNIT was working to improve the fortunes of its assets. He cited a surplus of GH¢230 million recently announced by SSNIT.

"This should be reassuring to organised labour and perhaps bring into sharper relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio.”

The hotels included Labadi Beach Hotel, La Palm Royal Beach Resort, and Elmina Beach Resort.

Reaction to the proposed sale

Organised labour threatened crippling protests nationwide because of the deal.

The trust had defended the move to sell a 60 percent stake in its hotels to Rock City Hotel.

Its response followed a petition to the Commission on Human Rights and Administrative Justice on the conflict of interest in the deal.

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North Tongu MP Samuel Ablakwa led the charge against the deal, saying selling SSNIT’s shares violates procurement procedures. He also criticised it as a form of state capture.

Why did Rock City withdraw its bid?

Rock City Hotel expressed disappointment at the perceived lack of thorough stakeholder engagement before launching the bid process in a letter to the trust's director-general.

The hotel stated a lack of engagement had characterised the negative press and reactions the bid has received, leading to the group rescinding their bid and consenting to the bid being released to the public.

The hotels in question include Labadi Beach Hotel, La Palm Royal Beach Resort, and Elmina Beach Resort.

Sophia Akuffo blasts SSNIT

YEN.com.gh reported that former Chief Justice Sophia Akuffo has criticised the Social Security and National Insurance Insurance Trust over the attempted sale of some state hotels.

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Akuffo praised labour unions for opposing the sale of the hotels to Agriculture Minister Bryan Acheampong.

She told TV3 News her remarks could be considered defamatory but added that she did not care.

Source: YEN.com.gh