Majority Leader Calls for Transparency from SSNIT on Hotel Share Sale to Agriculture Minister

Accra, Ghana – The Majority Leader in Parliament, Alexander Afenyo-Markin, has urged the Social Security and National Insurance Trust (SSNIT) to disclose documents related to the sale of its shares in four prominent hotels to Dr. Bryan Acheampong, the Agriculture Minister.

Afenyo-Markin emphasized the importance of transparency, stating, “SSNIT must come out, make the documents available, and speak to it. This is not a political matter. I cannot address it politically, nor should it be condemned or commended on political grounds.”

SSNIT is in the final stages of selling 60% of its shares in the Elmina Beach Resort, Ridge Royal Hotel, La Palm Royal Beach Resort, and Labadi Beach Hotel to Rock City Hotel, a company owned by Dr. Acheampong.

Concerns about a potential conflict of interest have been raised by stakeholders, including MP for North Tongu, Samuel Okudzeto Ablakwa, who has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the transaction.

Ablakwa’s petition seeks a comprehensive investigation into allegations of conflict of interest, abuse of power, procedural breaches, procurement irregularities, cronyism, and corruption. He argues that the deal violates constitutional provisions, specifically citing Articles 78(3) and 98(2) of the 1992 Constitution. However, SSNIT has denied any wrongdoing in its decision to sell a 60% stake in its hotels to Rock City Hotel.

In a press release, Trusr clarified that the sale process began in November 2018, following the hiring of a Transaction Advisor to assist in selecting a strategic investor. The Trust further explained that advertisements for Expressions of Interest (EOI) were placed in the Daily Graphic on February 3, 2022, the Ghanaian Times on February 7, 2022, and The Economist Magazine on February 26, 2022.

Out of nine companies that responded to the advertisements, six were shortlisted and issued Request for Proposal documents. Despite this, Afenyo-Markin has called on Trust to provide a detailed public explanation of the deal. “SSNIT must come out and explain not only this decision but also all their failing investments to the public,” he stated. “I believe that the Trade Union Congress (TUC) and other labor unions will understand if these issues are clarified, focusing on the substance rather than the individual involved.”