Halt sale of hotels to Bryan Acheampong – Former SSNIT boss

  Wed, 22 May 2024
Headlines Halt sale of hotels to Bryan Acheampong – Former SSNIT boss

Mr Ernest Thompson, a former Director-General of the Social Security and National Insurance Trust (SSNIT), has raised concerns about the ongoing sale of four hotels to the Minister of Food and Agriculture, Dr. Bryan Acheampong.

He argues that the current sale process might not prioritise the long-term investment goals for which SSNIT is known.

This development follows a petition submitted by North Tongu MP Samuel Okudzeto Ablakwa to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition requests an investigation into the sale of a 60% stake in four SSNIT hotels to Dr. Acheampong.

Mr. Ablakwa alleges a lack of due process and breaches in procurement procedures surrounding the sale. He has urged CHRAJ to halt the sale and conduct a thorough investigation.

Dr. Acheampong has rejected these claims, calling them unfounded attempts to damage his reputation. He has expressed disappointment with Mr. Ablakwa’s actions.

But speaking on Joy FM the former Director-General stated that the process must be stopped.

“I think that at this stage, it might be necessary for the SSNIT board to just stop this transaction,” he stated.

Ernest Thompson explained that SSNIT operates as a long-term investor and not a bank, as such, the procedure currently being used in the sale of the shares in the hotels is not the best.

“Because the procedure they used is not the best. SSNIT is a pension fund and it is a long-term investor, it is not a bank holding deposit. So, SSNIT’s investments are analysed in serious places. You just don’t treat SSNIT’s investments that way,” he explained.

The hotels in question are; Labadi Beach, La Palm Royal Beach Resort, Elmina Beach Hotel, Ridge Royal Hotel, Busua Beach Resort and the Trust Lodge Hotel.