Bryan Acheampong, the Minister of Food and Agriculture, owns a private hotel, and the Social Security and National Insurance Trust (SSNIT) has decided not to proceed with its planned sale of 60% of four of its hotels.
On Friday, July 12, 2024, SSNIT released a statement a few hours after Rock City Hotel also declared that it was pulling out of the deal.
The process has been terminated, according to a statement signed by SSNIT Board Chair Elizabeth Ohene, who had previously defended the deal.
Pensioners, contributors, and the general public were reassured by SSNIT of its dedication to carefully managing the Trust’s operations to ensure the pension plan’s sustainability.
This comes after nationwide organized labor unions called for an indefinite strike in protest of the contentious sale of the SSNIT hotels, causing unrest.
The Rock City hotel’s management, however, has withdrew its offer to buy 60% of the stock in SSNIT-owned hotels.
Rock City Hotel expressed dissatisfaction over the lack of stakeholder engagement in a letter to SSNIt is Director-General, Kofi Osafo-Maafo. They believe this has fueled negative sentiment towards their bid.
As a result, they have decided to discontinue their pursuit of this investment opportunity.
To promote transparency and accountability, Rock City Hotel has agreed to make all or parts of their bid documents available for public review or publication, as needed.
This unrest grew after the National Pensions Regulatory Authority (NPRA) reversed course and approved the contentious sale.
