SSNIT-Rock City deal: Transaction advisor was paid US$491,986 - Official

The Ministry of Finance's Central Tender Review Committee approved a payment of US$491,986 to a transaction advisor in the divestiture of hotels belonging to the Social Security and National Insurance Trust (SSNIT).

A December 24, 2019, letter on the approval was shared on social media by North Tongu lawmaker Samuel Okudzeto Ablakwa.

The MP recently published documents of the divestiture alleging a conflict of interest on the part of the owner of the chosen buyer, Rock City Hotel Limited.

The owner is his colleague MP and the agric minister Bryan Acheampong.

"Based on documentation presented to the Committee, concurrent approval is hereby granted SSNIT to engage recommended tenderer, Messrs SEM Capital at a contract price of Four Hundred and Ninety-One Thousand, Nine Hundred and Eighty-Six US Dollars (US$491,986.00) inclusive of taxes," the relevant paragraph read.

The letter further instructed SSNIT to proceed with all other processes and keep records for future procurement audits.

It was signed by David Quist, secretary to the committee.

Ablakwa captioned his post as follows: "In pursuit of full transparency and accountability, I can today reveal that the Transaction Advisor for SSNIT’s sale of 60% stake in its hotels to Bryan Acheampong’s Rock City is SEM Capital.

"It’s costing Ghanaian workers a hefty US$491,986.00 (GHS7.1million at current exchange rate) in paying SEM Capital to advise on a transaction the overwhelming majority of Ghanaian workers do not support.

"Selling strategic state assets don’t come cheap, that is why we insist SSNIT should first have engaged in broad consultations. Stop the sale NOW!" his post read.

SARA

In pursuit of full transparency and accountability, I can today reveal that the Transaction Advisor for SSNIT’s sale of 60% stake in its hotels to Bryan Acheampong’s Rock City is SEM Capital.

It’s costing Ghanaian workers a hefty US$491,986.00 (GHS7.1million at current exchange… pic.twitter.com/Qks61bjEbM

— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) May 22, 2024