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Rock City to acquire 60% of our stakes in four hotels, not six – SSNIT

The Social Security and National Insurance Trust (SSNIT) has clarified that Rock City Hotel will acquire stakes in four of its hotels, not six as claimed by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa.

This announcement was made in a press statement released by SSNIT on Sunday, May 19, 2024.

“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,” SSNIT noted in the statement.

The trust emphasized that the process of getting a strategic investor is in its final stages and therefore not yet concluded.

SSNIT’s clarification comes after North Tongu lawmaker Samuel Okudzeto Ablakwa raised concerns about the transparency and accountability of the hotel sale process during his appearance on Metro TV’s Good Morning Ghana on Friday, May 17.

The trust has maintained that the sale is aimed at increasing efficiency and long-term sustainability.

SSNIT assured pensioners, contributors, and the public in the statement its commitment to managing the affairs of the trust prudently for the sustainability of the Pension Scheme.

The trust’s decision to sell stakes in its hotels has been met with mixed reactions, with some calling for a full-scale investigation into the matter. However, SSNIT has assured the public that it will cooperate fully with the Commission on Human Rights and Administrative Justice (CHRAJ) investigation into the hotel sale.

With this clarification, SSNIT hopes to address concerns and ensure a smooth process for the acquisition of stakes in the four hotels by Rock City Hotel.