SSNIT terminates sale of 60% shares in hotels to Rock City

The Social Security and National Insurance Trust (SSNIT) has halted its intended sale of a 60% stake in four of its hotels to a private hotel owned by Ghana's Minister of Food and Agriculture, Bryan Acheampong.

A statement from SSNIT issued on Friday, July 12, 2024, hours after the Minister's firm, Rock City Hotel, also announced that it had pulled out of the transaction.

The statement signed by the Board Chair of SSNIT, Elizabeth Ohene, who had previously defended the deal, said the process has been terminated.

SSNIT assured pensioners, contributors and the public of "its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme."

This follows unrest after organised labour unions across the country declared an indefinite strike in response to the controversial sale of the SSNIT hotels.

However, the management of Rock City hotel has withdrawn its bid to purchase 60% of the shares in hotels owned by SSNIT.

In a letter to SSNIT's Director-General, Kofi Osafo-Maafo, Rock City Hotel expressed disappointment over the lack of stakeholder engagement, which they believe has fueled negativity surrounding their bid.

Consequently, they have decided to discontinue their pursuit of this investment opportunity.

Promoting transparency and accountability, Rock City Hotel has agreed to release all or parts of their bid documents for public scrutiny or publication if necessary.

This unrest intensified after the National Pensions Regulatory Authority (NPRA) reversed its stance and endorsed the controversial sale.

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