SSNIT Replies Ablakwa On Sale Of Hotels To NPPs Bryan Acheampong

The Management of the Social Security and national Insurance trust (SSNIT), have responded to the member of Parliament for North Tongu, Hon. Samuel Okudzeto Ablakwa’s comment on the sale of some 6 hotels belonging to SSNIT.

In a media release dated, May 19, 2024, the management of SSNIT explained that, contrary to the comments by Samuel Okudzeto Ablakwa, it seeks to partner a strategic investor to raise capital to invest in the hotels and also assist in their management.

SSNIT is in an ongoing process to partner with Rock City Hotel Limited, as that strategic investor.

Member of Parliament for Abetifi and Minister of Food and Agriculture, Bryan Acheampong, is a director and advantageous owner of Rock City Hotel.

It is his association with Rock City Hotel that has culminated in the North Tongu Member of Parliament to question SSNIT's decision to partner with the former. later, he has filed a petition with the Commission on Human Rights and Administrative Justice (CHRAJ), to stop SSNIT from going ahead to partner Rock City.

Ablakwa's argument is that, Bryan Acheampong, as a minister of state, should not be allowed to use his Rock City Hotel to partner SSNIT.

It is his case that it is a matter that bothers on "conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft."

But SSNIT's management says the primary objective of finding a strategic investor is to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT pension Scheme.

Excerpts of the media release signed by its management read, “Accordingly, SSNIT went through International Competitive Tendering (ICT) processes as prescribed by the Public procurement Act, 2003(ACT 663), as amended by ACT 914, for the selection of a strategic investor.”

Management of SSNIT further emphasized that the trust commenced the process with the engagement of a Transaction Advisor through the ICT method of procurement with publications of advertisements in the Daily graphic on 14th November, 2018 and in the Ghanaian Times on the 15th November, 2018. The advertisement was published in an international magazine.

“As of January 16th, 2019 deadline, fifteen (15) firms had expressed interest in submitting bids. Of these, six (6) were shortlisted and issued with Request for proposal (RFP) documents.

The national Trust further assures pensioners, contributors and the general public of its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.


Kobina Darlington/