USD $2 Million Vanish From SSNIT

Your exclusive ModernGhana has chanced upon information revealing that if care is not taken, today's working class and pensioners would have no financial insurance to lean on in the not too distant future.

This is because a clean business opportunity that could have put $2m into the coffers of pensioners within the past one year was stalled by the selfish interest of members of the board of Social Security And National Insurance Trust (SSNIT) and Golden Beach Hotels Ghana.

ModernGhana can authoritatively report that SSNIT has been caught in a raw deal in the management of the Golden Beach Hotels Ghana, namely, La Palm Royal Beach Hotel, Elmina Beach Resort and Busia Beach Resort after the authority was misled by some selfish individuals to opt for a very inauspicious move as part of efforts to restructure and put the hotels in the best of shapes for patronage.

The idea was to move all three hotels from its present state of old chalets to suit modern standards and further build more rooms.

From hindsight, it has emerged that pension funds from SSNIT have become a conduit pipe to perpetuate fraud while pensioners are likely to suffer in the end.

Reports suggest that the immediate past Board members of SSNIT led Mr. Kwame Peprah, proposed to seek partners and investors for the Golden Beach Hotels in 2011 for which two consultants were hired and contracted to look for potential investors and or management companies.

The board wanted investors to lend or inject money into the hotels at an interest and management company to manage the 3 hotels with an agreed fee.

The board then gave the two consultants the green light to publish Request For Expressions Of Interest (RFEI) for management and funding for refurbishments.

Information available to ModernGhana indicated that several companies responded in an attempt to manage the hotels on behalf of SSNIT. No company responded to invest any money knowing that the GBH board was being frivolous in managing the 4 hotels under them - La Palm Golden Beach Hotel, Elmina Resort, Busia and Labadi Beach.

However, a UK based management and investment company who appeared to be part of the 12 companies contacted by the Consultants advised the consultants in writing and expressed interests in leasing all the 3 hotels rather than manage as this would assist the SSNIT board for operating the hotels at a loss.

The UK company by name Dazee Hotels, London emerged as the best company to take over the 3 hotels. Rather than lend money to GBH Board, Dazee Hotels sought to lease the entire hotels as they are and further refurbish all the 3 hotels with their own funds and still continue to pay lease sum of over US$2m annually to SSNIT.

Lo and behold, as it stands now, it appears the immediate past SSNIT Board members for shady reasons best known to them, did not work cash on such a big opportunity as recommended by the Consultants but rather continued to manage the 3 hotels under an abysmal losses and have been trying in all ways to further extend the management agreement with Legacy a South African Management Group, that is currently managing Labadi Beach under a shoddy agreement that perpetually keeps Labadi operating at a loss.

This development, has opened the flood gate for daylight fraud since Legacy Hotel And Resorts has succeeded in producing dubious expenditures in the maintenance of the hotels and SSNIT by paying for these costs are overwhelmingly being milked while pensioners are squealing for mercy.

What is more, SSNIT in an attempt to run for cover is now seeking to take loans to inject into the Golden Beach Hotels when a simple lease option where annual payments are made can rather go a long way to profit the authority.

A reliable source told ModernGhana that pensioners are likely to be hit by a major financial crisis as a result of this gambling by SSNIT which constitutes a clear case of total waste of pension funds.

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