In a startling revelation, Hon. Samuel Okudzeto Ablakwa, MP for North Tongu, has brought to light intercepted documents detailing concerning transactions between the Social Security and National Insurance Trust (SSNIT) and Hon. Bryan Acheampong regarding the sale of SSNIT’s 25% shares in the Grand Regency Hotel, Kumasi, in 2022.
According to the intercepted letters and minutes, SSNIT’s shares, valued at GHS8.6 million, were sold to Hon. Bryan Acheampong for a significantly reduced price of GHS7.4 million, resulting in a staggering loss of GHS1.2 million for the state and Ghanaian workers.
Among the revelations, negotiations indicate that Bryan Acheampong’s Rock City rejected SSNIT’s proposals to have the valuation priced in US Dollars and to align the offer price with the prevailing Cedi–Dollar rate, raising questions about the transparency and fairness of the deal.
Moreover, Hon. Ablakwa highlights the alarming preferential treatment afforded to Bryan Acheampong, allowing him to make below-value payments in installments, despite the questionable nature of the transaction.
The promotion of Mr. Kofi Osafo-Maafo, who chaired these negotiations, to Director-General of SSNIT following his involvement in the controversial deal adds another layer of concern. Hon. Ablakwa points out the potential continuation of such dealings with the impending sale of six additional hotels.
The MP raises crucial questions about the motives behind the quiet sale of SSNIT’s shares in a profitable hotel with a high occupancy rate to Hon. Bryan Acheampong, emphasizing the need for accountability and transparency in pension management.
In conclusion, Hon. Ablakwa asserts his commitment to halting the dubious sale of the six hotels and calls upon the Commission on Human Rights and Administrative Justice (CHRAJ) to ensure justice for Ghanaians. He echoes the sentiment of “Ghana First,” underscoring the importance of prioritizing the interests of the nation and its citizens.
