Rock City Hotel presented best proposal for 60% stake in four hotels – SSNIT

The Social Security and National Insurance Trust (SSNIT) has clarified its decision to sell a 60% stake in its hotels to Rock City Hotel owned by Dr Bryan Acheampong, the Minister for Food and Agriculture.

This follows a petition by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, asking the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate and stop the sale of six hotels including Elmina Beach Resort, Ridge Royal Hotel, Labadi Beach Hotel, La Palm Royal Beach Resort, Busua Beach Resort, and the Trust Lodge Hotel to the Abetifi MP,  Bryan Acheampong.

Mr Ablakwa’s petition to CHRAJ is asking for a probe into allegations, abuse of power, lack of due process, procurement breaches, cronyism, graft and including conflict of interest.

“In my petition, I am inviting CHRAJ to investigate grave matters bothering on conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.”

“I have also drawn attention to blatant violations of Article 78(3) and 98(2) of the 1992 Constitution as diligent checks from Parliament’s Committee on Office of Profit reveal that Hon. Bryan Acheampong has not applied and does not have the permission of the Speaker of Parliament to hold an office of profit,” he said.

However, SSNIT stated in a statement that the choice to work with an investor was made in order to earn money to invest in their hotels and help with management. This decision was made as early as 2018 and was made in accordance with the Public Procurement Act’s requirements for International Competitive Tendering (ICT).

The Trust said in a press release that the process commenced in November 2018 following the hiring of a Transaction Advisor to help with the process of choosing a strategic investor among other

“The Trust commenced the process with the engagement of a Transaction Advisor through the ICT method of procurement, with publication of advertisements in the Daily Graphic on 14th November, 2018 and in the Ghanaian Times on 15th November, 2018.

“The advertisement was also published in an international magazine, The Economist in its January 5-11, 2019 edition. As of the January 16th, 2019 deadline, fifteen (15) firms had expressed interest in submitting bids. Of these, six (6) were shortlisted and issued with Request for Proposal (RFP) documents.

“Approval was sought from the Central Tender Review Committee (CTRC) for the selection of a Transaction Advisor on 12th December 2019 and that was granted on 24th December 2019. Following the selection of the independent Transaction Advisor to guide the selection of a Strategic investor amongst others, further advertisements for an Expression of Interest (EOI) for a Strategic Partner for the SSNIT Hotels were placed in the Daily Graphic on 3rd February 2022 and in the Ghanaian Times on 7th February 2022. The advertisement was also published in The Economist Magazine on 26th February 2022.”

“Based on the criteria set out in the RFP, Rock City Hotel submitted the best and strongest technical and financial proposal amongst those received. Consequently, it is in negotiation with SSNIT to buy a 60% stake in each of the four (4) hotels (Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort).

“Bids for Busua Beach Resort and the Trust Lodge were considered to be unsuccessful so they are no longer part of the hotels covered in this process.”

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