The Managing Director of the State Transport Company, Nana Akomea has shared details of the bid made by Agriculture Minister Bryan Acheampong's company, Rock City Limited, to purchase significant shares in four hotels owned by the Social Security and National Insurance Trust (SSNIT).
Akomea revealed that Bryan Acheampong's bid is $20 million higher than that of the second bidder interested in acquiring shares in the hotels.
He made these remarks while appearing as a panellist on Good Morning Ghana on Metro TV, stating that selling shares in the four hotels makes financial sense.
“In terms of the bidding, Bryan Acheampong’s bid is at least worth $20 million more than the second bidder. The second bidder is a company that is famous for estate construction, but I won’t mention the name. Their bid is $20 million less than Bryan Acheampong’s bid,” he disclosed.
Akomea continued, “…There’s some feeling that Acheampong’s bid is rather too much, but that is it, and the record is there. I thought Organised Labour would say that if the bidders did not meet the valuation, then they will make a good case, but I’m sure that the valuation has been met.”
Akomea defended Acheampong's bid by emphasizing that the hotels are in a state of disrepair and require significant investment.
He explained, “These places have been running down. They are losing money, and the economic case for it is that with each passing day of them remaining on SSNIT’s books, they will incur more losses. They can’t pay electricity, they can’t pay their staff, SSNIT contributions and even GRA tax as we speak, and the pension funds are being blurred when these hotels remain on the books of SSNIT.”
However, SSNIT has justified its decision to sell a 60% stake in the hotels to Rock City Hotel, owned by Dr. Bryan Acheampong, as his company presented the best proposal.
The Trust says it aims to partner with a strategic investor to raise capital for hotel investments and management.
The announcement of the sale prompted a petition from the Member of Parliament, Samuel Okudzeto Ablakwa to the Commission on Human Rights and Administrative Justice (CHRAJ), requesting an investigation over the sale, particularly to the Minister of State and Member of Parliament [Dr. Bryan Acheampong].
The hotels involved are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and Trust Lodge Hotel.
Meanwhile, both Samuel Okudzeto Ablakwa and key members of Organised Labour have expressed disagreement with SSNIT's rationale for the sale.
Watch Nana Akomea's submission from 18 minutes below
MA/EK
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