In a shocking revelation, newly intercepted documents and minutes have unveiled the details of how the Social Security and National Insurance Trust (SSNIT) sold its 25% shares in the Grand Regency Hotel, Kumasi, to Hon. Bryan Acheampong in 2022. The deal, which has raised eyebrows for its financial implications and procedural irregularities, serves as a cautionary tale amid ongoing concerns about a similar transaction involving six additional hotels.**
The documents highlight several troubling aspects of the transaction:
1. Significant Financial Loss: Despite the valuation of SSNIT’s 25% stake in the Grand Regency Hotel at GHS 8.6 million, the shares were sold to Bryan Acheampong for only GHS 7.4 million. This discrepancy resulted in a loss of GHS 1.2 million to the state and, by extension, Ghanaian workers whose pensions SSNIT manages.
2. Negotiation Anomalies: Minutes from the negotiations reveal that Acheampong’s company, Rock City, refused SSNIT’s request to price the valuation in US dollars. They also rejected aligning the offer price with the prevailing Cedi-Dollar exchange rate, further disadvantaging SSNIT in the deal.
3. Preferential Treatment: Bryan Acheampong was allowed to pay the below-value amount in installments, a benefit not typically extended in such transactions. This preferential treatment raises questions about the fairness and transparency of the deal.
More revealing documents on the SSNIT-Bryan Acheampong Bromance.
These intercepted letters and minutes on how SSNIT sold its 25% shares in the Grand Regency Hotel, Kumasi to Hon. Bryan Acheampong in 2022 must serve as a cautionary tale on how the latest transaction involving 6… pic.twitter.com/4sDQlamHuG
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) May 18, 2024
4. Leadership Concerns: The negotiations were chaired by Mr. Kofi Osafo-Maafo, who has since been promoted to Director-General of SSNIT. His predecessor was removed under controversial circumstances, adding to suspicions about the integrity of the process. Mr. Osafo-Maafo’s current position places him in a pivotal role as similar negotiations for six more hotels are underway.
5. Secrecy and Profitability: The decision to sell SSNIT’s shares in the Grand Regency Hotel—a profitable entity with a 90% occupancy rate—was made quietly. The rationale behind selling a profitable asset to a politically connected individual remains unclear, raising concerns about the motivations behind the sale.
The implications of these revelations extend beyond the immediate financial loss. They cast a shadow over the ongoing negotiations involving six additional hotels, with fears that similar undervalued deals could be finalized if public scrutiny and regulatory oversight are not intensified.
Ghanaian workers, whose contributions fund SSNIT, deserve transparency and accountability from their pension managers. The dubious sale of these valuable assets calls for immediate intervention from oversight bodies, including the Commission on Human Rights and Administrative Justice (CHRAJ), to ensure such transactions are conducted in the best interest of the public.
The nation waits with bated breath, hoping that regulatory bodies will step in to prevent further financial missteps and protect the interests of Ghanaian workers.
For God and Country.
