President Nana Addo Dankwa Akufo-Addo has dismissed the controversies surrounding the sale of a 60% stake in four hotels owned by the Social Security National Insurance Trust (SSNIT) to Rock City Hotels, which is owned by Agricultural Minister Bryan Acheampong, as unnecessary.
During his address at the 12th quadrennial delegates conference of the Trades Union Congress (TUC) on Tuesday, the President advised Ghanaians to carefully consider statements about SSNIT’s assets.
He emphasized that SSNIT is diligently working to ensure profitability while expanding its reach and influence.
“The improved performance of SSNIT which recently in all successes [led to] GHC230m on its operations. This should be reassuring to organised labour and perhaps bring into sharper relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio.”
“It is my understanding that the transaction that was aborted represented the only occasion in the recent history of SSNIT that external investors sought to invest in SSNIT holdings.
“All of us need to be measured when it comes to making decisions and pronouncements that would affect the long-term interests of pensioners,” he stated.
The decision to sell SSNIT’s hotels triggered considerable backlash, particularly from North Tongu MP Samuel Okudzeto Ablakwa and organized labor, who criticized it as a distress sale to a government appointee.
The controversy prompted nationwide protests and demands for a restructuring of SSNIT’s board. The sale was eventually halted after organized labor threatened a nationwide strike.
They argue that SSNIT’s decision to withdraw the sale of four hotels is insufficient.
UTAG is demanding the dissolution of the SSNIT board and the removal of its management, led by Kofi Osafo-Maafo, for overseeing what they deem a controversial transaction.
SSNIT recently pulled back from selling a 60% stake in its struggling hotels following a nationwide strike call by organised labour affecting all public sector employees.
Concurrently, Rock City Hotel has retracted its bid to purchase the hotels, citing the negative publicity and lack of stakeholder consultation preceding the sale decision.
Communications Director of the New Patriotic Party (NPP), Richard Ahiagbah, has raised concerns about the long-term implications following the termination of the sale of SSNIT’s 60 percent shares in four hotels.
On July 12, SSNIT announced the cancellation of the sale of its four hotels to Rock City Hotel, which also declared it would not purchase the SSNIT shares. This decision followed threats from Organised Labour to launch a nationwide strike on Monday, July 12.
In a post on X (formerly Twitter), Ahiagbah recognised the impact of Organised Labour and advocates, expressing sympathy for the workers’ concerns. However, he warned against obstructing a legitimate corporate decision, stressing the potential damage to corporate governance, market confidence, and overall certainty.
Ahiagbah urged careful consideration of the action’s implications, fearing it could have extensive consequences.
“The recent halt of SSNIT’s attempt to sell 60% of its shares in the five hotels is a testament to the power of organized labour and advocates. Their unwavering dedication to the sale has prevailed, sending a clear message.
“However, while this may seem like a victory worth celebrating, we must also consider the precedent we have set. Are we opening the door to future interference in public offerings based on political affiliations?
“This could harm corporate governance, market confidence, and overall certainty. Just as we are bound to respect a referee’s decision in a football game, we must also abide by the outcomes of democratic processes, even if they don’t align with our preferences.
“While I empathise with the workers’ concerns, we must also consider the implications of impeding a legitimate corporate decision. We must deeply reflect on the potential long-term consequences of this precedent.”
SSNIT has justified its sale of a majority stake (60%) in four hotels to a private investor, citing it as the best strategy to rejuvenate the hotels’ financial prospects.
The properties involved are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel.
During a press briefing in Accra, SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, emphasized that after thorough evaluation, the decision to opt for privatization was driven by the hotels’ ongoing financial losses, making a change in management unfeasible.
“We’ve been through quite a lengthy process to do so. Bear in mind, we’ve also tried having external management companies running the SSNIT hotels and that hasn’t resolved the problem either.
“So, for us, we look at it twofold, that we are looking to resolve a problem and do so with the introduction of a strategic investor and we outlined the reasons there.”
“Consistent losses by almost all of our hotels. I know you are aware that Labadi doesn’t make a profit, but the returns are below [par]. They haven’t paid us any dividends with the exception of Labadi. Labadi Beach Resort only started paying dividends for the last 2 years. They haven’t from inception,” he stated.
Despite its profitability, Osafo-Maafo also defended the decision to include Labadi Beach Hotel in the sale. He explained that SSNIT aimed to maximize overall returns, citing the current profits from the hotel as insufficient.
“We want to maximize what we get out of it and the question that I asked somebody the other day is if you were selling your car or even your house, if you were selling your house, you’d make an attempt to actually paint it.
“You wouldn’t wait for your car to be put on stones and then say, now this is the time to sell it. You make it look good. There’s no reason why if a business is doing well and we seek to maximise capital from its to invest elsewhere, we shouldn’t do so.”
“The reason is simple. Returns are lower than we believe they should be, but also cash always has alternative uses. So why not? There’s a good investment rationale for that,” he stated.
Member of Parliament for North Tongu,Samuel Okudzeto Ablakwa,has responded to comments made by former National Chairman of the New Patriotic Party (NPP), Freddie Blay, about the bidding process for the sale of majority government shares in hotels owned by the state pensions body, SSNIT.
In an interview with Accra-based media house, Blay revealed that his son, in collaboration with a consortium of banks, had placed a bid ranging from US$150 to US$200 million for SSNIT’s shares in a group of hotels.
Blay and his son have consistently denied allegations made by Ablakwa, accusing them of state capture in the acquisition of a portion of the Labadi Beach Hotel beachfront.
Ablakwa, in his response to Blay’s remarks regarding the bid amount, highlighted public records indicating that the eventual successful bidder, Rock City Hotels Limited, had valued SSNIT’s properties at US$61 million.
Rock City Hotels is owned by Bryan Acheampong, the Member of Parliament for Abetifi and the Minister of Agriculture.
Ablakwa’s post on social media (June 25) read as follows: “Unending murkiness. We were told Bryan Acheampong offered the highest bid of US$61million; now former NPP Chairman, Freddie Blay also says his 34 year old son offered “150 to 200 million” for the SSNIT hotels.
“Another clear justification for my RTI Request for the tender evaluation report and minutes of tender committee meetings. State Capture shall surely be defeated!”
Last week, Samuel Okudzeto Ablakwa spearheaded a protest called the #HandOffOurHotelsDemo in Accra.
The demonstrators marched from the Labadi and La Palm Beach hotels, and Ablakwa delivered a 15-point petition to the president, urging the cancellation of the planned sale of these hotels.
The presidency has not yet issued a formal response to the petition.
Additionally, Ablakwa has filed a complaint with CHRAJ against the minister, citing a conflict of interest.
Following the “Hands Off Our Hotel” protest, President Akufo-Addo has arranged a meeting with Organised Labour on Tuesday, June 25, 2024, to discuss the controversial sale of SSNIT hotels.
This announcement was made by North Tongu MP Samuel Okudzeto Ablakwa during an interview on TV3’s KeyPoints on Saturday, June 22.
“Organised Labour has informed me that the President has invited them to a meeting on the 25th of this month, which is Tuesday,” Mr. Ablakwa revealed, expressing his hope that the meeting will not be an attempt to persuade Organised Labour to retreat from their opposition to the sale.
Mr. Ablakwa voiced his frustration, stating, “I’m so disappointed in this President that he has taken so long to intervene in this scandalous matter and just stop this rot.”
Amid mounting concerns, President Akufo-Addo has invited Organised Labour for a meeting on Tuesday, June 25, 2024, to discuss SSNIT’s controversial decision to sell 60 percent of its shares in several hotels.
These include prominent establishments like Labadi Beach Hotel, La Palm Beach Hotel, Ridge Royal Hotel, and Busua Beach Hotel, with Agriculture Minister Bryan Acheampong identified as the buyer.
The issue gained traction following a demonstration led by Samuel Okudzeto Ablakwa on Tuesday, June 18, 2024, under the banner “Hands Off Our Hotels.”
Ablakwa presented a petition urging the President to intervene and halt the sale.
During the demonstration, Ablakwa raised concerns about the suitability ofBryan Acheampong’s Rock City Hotelsas the buyer, citing alleged financial losses and failure to file tax returns for 2022 based on documents purportedly intercepted from the Ghana Revenue Authority (GRA).
In response, Bryan Acheampong denied to substantiate his claims with the alleged intercepted documents from GRA.
Former National Chairman of theNew Patriotic Party (NPP), Freddie Blay,expressed opposition to the idea of SSNIT seeking approval or consultations before making investments in other businesses.
In an interview with TV3’s Beatrice Adu on The Keypoints, Mr. Blay argued that SSNIT operates with its own board, which should have the autonomy to make decisions independently.
Regarding concerns raised by Organised Labour about their representatives on the board opposing SSNIT’s sale of the hotels, Mr. Blay emphasized that decisions of such significance cannot be dictated solely by a minority within the board.
He defended SSNIT’s transparency in publicly advertising the sale of the hotels, stating that such actions are within the board’s prerogative and are binding on all stakeholders involved.
“SSNIT decided to get involve with hotel management and purchased some hotels… I don’t believe they want to consult TUC before they do that…When you have a decision and they take a decision , the decision is binding; it is one decision…I will be surprise that four members of a board taking a decision that we don’t want one hotel to be sold.
“I can’t question the decision of SSNIT because government appointed members. I don’t have any problem with that if they decide that as a policy….indeed I’m not too sure when they decided, some tell me that they decided to dispose it as far back as 2015, 2016 when NDC was in office.
Mr. Blay stressed that he would have purchased the hotels being sold if he has the financial muscle.
Spokesperson and communications director of the New Patriotic Party (NPP), Nana Akomea has downplayed the essence of the #Handsoffourhotels demo which was held yesterday June 18, 2024 at the Labadi Beach Hotel.
Organized by North Tongu Member of Parliament Samuel Okudzeto Ablakwa, the protest aimed to oppose the sale of Social Security and National Insurance Trust’s (SSNIT) 60% stake in four hotels to Rock City Hotel, owned by Member of Parliament for Abetifi Bryan Acheampong.
Ablakwa cited lack of due process and violation of procurement procedures in the sale.
However, member of Dr Bawumia’s campaign communications team member, believes the protest was unnecessary as the North Tongu MP had already presented the case to Commission on Human Rights and Administrative Justice (CHRAJ).
It is an independent government agency in Ghana responsible for promoting and protecting human rights, investigating complaints of human rights violations, and addressing issues related to administrative justice.
Speaking on Peace FM’s Kokrokoo morning show on Tuesday June 18, 2024 Nana Akomea stated that “I mean the case is with CHRAJ hence I don’t see the need for a demonstration. You have gone ahead to organise a demonstration when the case is still in the hands CHRAJ”.
According to him, the discontent, strife, and anger surrounding the Rock City Hotel owner’s purchase of shares in the Labadi Beach Hotel are due to his political affiliations.
He cited an expectation of a different reaction if the purchaser had been someone politically neutral or of a different political persuasion.
“I accept that the person who won the bid for the shares in the hotel sis the problem now. Because whatever you do Bryan is a senior member of the party. Hence assets owned by SSNIT being sold to him would become a problem because he is politically exposed.
When he is taken out, we have to look at the objective figures”.
Derailing Ablakwa’s claims of lack of transparency and murky in SSNIT dealings with Bryan’s Rock City Hotel, Akomea believes that “good look at SSNIT approach and mechanism of dealing with this sale is so transparent”.
General Secretary of the Federation of Labour, Abraham Koomson, has accused organised labour of failing to act to stop the sale of the hotels belonging to the Social Security and National Insurance Trust (SSNIT).
Mr Koomson says the effort of the lawmaker for North Tongu to get the sale halted is a welcome move.
“Organised Labour lost the battle; that’s why the intervention of the MPs was critical,” he said on the Ghana Tonight show on TV3 Monday, June 17.
Mr Ablakwa had said he wants President Nana Addo Dankwa Akufo-Addo to halt the sale of the hotels, hence the Hands Off Our Hotels Demonstration’ today, Tuesday, June 18.
Mr Ablakwa told the media on Monday, June 17, that “President Akufo-Addo must immediately stop the sale of our SSNIT hotels.
“We want an immediate declaration from the president because since we started, all he has done is tell Organised Labour to go and meet the Employment Minister at which meeting Organised Labour told us that they tried to convince them to allow the sale, so clearly, the president and his appointees don’t want to stop the sale, and we are going to insist that they back out.”
The Minority in Parliament hasthrown its support behind the demonstration. The Minority in a statement, also urged the public to join the demonstration.
“We, therefore, want to use this opportunity to indicate the Minority’s strong opposition to the sale of these hotels to the Minister of Agriculture, Hon. Bryan Acheampong, and urge the public to join Tuesday’s “Hands Off Our Hotels Demonstration” to send a strong signal to the government that the people of Ghana take exception to this shady deal. Enough is enough!
“The attempt to sell off profitable state-owned hotels to Hon. Bryan Acheampong is wrong, unacceptable and must not be condoned,’ their statement said.
North Tongu MP, Samuel Okudzeto Ablakwa,is spearheading a protest today, Tuesday, June 18, against the sale of four Social Security and National Insurance Trust (SSNIT) hotels to Rock City Hotel Limited, owned by Ghana’s Minister of Agriculture, Bryan Acheampong.
The NDC MP explained that the protest aims to pressure the president into halting the sale of these hotels.
At a news conference on Monday, June 17, he confirmed that all preparations for the demonstration were complete.
Mr. Ablakwa stressed the expectation for a peaceful protest and assured that the Ghana Police Service would handle anyone attempting to cause disorder.
He also mentioned that he expects officials from the presidency to meet the demonstrators and receive their petition to deliver to the president.
During the press conference, the former Deputy Education Minister highlighted the urgency and significance of their cause, underscoring the importance of the demonstration in stopping the sale.
“We have agreed with the police on the condition that the representatives of President Nana Addo Dankwa Akufo-Addo will walk from the Jubilee House and meet us at the Christ the King Catholic Church to receive our petition.”
“We are very peaceful protestors and law-abiding as well. So we can give the Ghanaian people the full assurance that this agreement with the Ghana Police Service will be adhered to,” he said.
Mr. Ablakwa has already petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the transaction.
However, he feels compelled to take additional action because, despite widespread opposition, the information he has obtained indicates that the process to finalise the deal is still ongoing.
While acknowledging CHRAJ’s history of conducting thorough investigations, Mr. Ablakwa expressed concern that the deal could be completed before the Commission concludes its inquiry.
Member of Parliament (MP) for North Tongu Constituency, Samuel Okudzeto Ablakwa has announced Tuesday June 18, as the designated date for the “Hands off our hotel” demonstration.
In a tweet on June 14, 2024, he announced that “All is set for the ‘Hands Off Our Hotels Demonstration.’ Yesterday, we concluded discussions with the Ghana Police Service at a meeting in the office of the Greater Accra Regional Police Commander, DCOP Arhin Kwasi Annor.
See you all on Tuesday. Enough of the State Capture!”
This public protest forms part of the MP’s move against the sale of hotels owned by the Social Security and National Insurance Trust (SSNIT) to the Rock City Hotel Limited, owned by Ghana’s Minister of Agriculture, Bryan Acheampong.
All is set for the ‘Hands Off Our Hotels Demonstration.’
Yesterday, we concluded discussions with the Ghana Police Service at a meeting in the office of the Greater Accra Regional Police Commander, DCOP Arhin Kwasi Annor.
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) June 13, 2024
Background
The North Tongu MP raised concerns about the sale of some state-owned hotels managed by the Social Security and National Insurance Trust (SSNIT) to Rock City Hotels, owned by Bryan Acheampong, a former Minister of State.
According to him, the hotels were sold at undervalued prices, raising suspicions of corruption and conflict of interest. He claimed that Acheampong, who was then a minister, used his position to acquire the hotels at a discounted rate, potentially causing financial losses to the state.
While skyrocketing food prices that have left many Ghanaians struggling, Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, has strongly criticized Bryan Acheampong, the Minister of Food and Agriculture, for prioritizing the purchase of SSNIT hotels over addressing the urgent food crisis.
In a recent post on X, Ablakwa expressed his frustration over Acheampong’s involvement in what he describes as a “stinking transaction.”
“It is a national tragedy that instead of Ghana’s Food & Agriculture Minister, Bryan Acheampong, concentrating on urgent policy interventions to resolve skyrocketing food prices, his focus is rather on an ill-fated effort to purchase our SSNIT hotels,” Ablakwa wrote.
“He refuses to back out of the stinking transaction, which has outraged many Ghanaians and been equally condemned by organised labour.”
The timing of Ablakwa’s criticism coincides with reports of significant increases in food prices, particularly in the capital, Accra.
Recent data indicates that the price of a box of tomatoes has surged by 360% in less than six months, rising from GHC 1500 in January 2024 to GHC 6000 – GHC 7000 in June 2024.
This sharp increase has placed additional strain on households already grappling with economic challenges.
It is a national tragedy that instead of Ghana’s Food & Agriculture Minister, Bryan Acheampong concentrating on urgent policy interventions to resolve skyrocketing food prices, his focus is rather on an ill-fated effort to purchase our SSNIT hotels, as he refuses to back out of… pic.twitter.com/xf1SoEmaxe
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) June 6, 2024
Poultry Industry Struggles
The crisis extends beyond just tomatoes. Yesterday, the Chief Executive Officer of Joerees Farms & Foods, Joseph Boakye-Yiadom, warned consumers of an impending sharp increase in egg prices due to soaring production costs. In an interview with JoyNews, Boakye-Yiadom highlighted the economic pressures facing the poultry industry, detailing substantial increases in the costs of essential inputs like maize and soybean meal.
“The Ghana poultry industry is in great distress at the moment. This increase is a result of our production input. For example, maize started this year in January, selling at between 190 and 200 cedis per 50 kg, but as I speak with you, it is between 260–270 cedis. Soybean meal started the year around 410–420, and now it’s about 520–530,” Boakye-Yiadom explained.
To sustain operations, poultry farmers will need to adjust egg prices accordingly, with Boakye-Yiadom indicating that consumers should expect to pay between 70 and 75 cedis per crate from retailers in the coming months.
Ablakwa’s comments reflect a broader public outrage over the government’s handling of the food crisis. Many Ghanaians are calling for immediate action to stabilize prices and ensure food security.
Organised labour groups have also condemned the government’s focus on transactions perceived as self-serving, urging the administration to prioritize the welfare of the citizens.
In recent weeks, Ablakwa has published documents supporting his claim that the planned sale of the majority shares of the Social Security and National Insurance Trust (SSNIT) to a company owned by Agriculture Minister Bryan Acheampong is not in the state’s best interest.
According to Ablakwa, some documents reveal that the hotels in question were profitable, while the prospective buyer, Rock City Hotels Limited, was operating at a loss during the same period.
Prof. Kwaku Appiah-Adu is not only a Senior Advisor to Ghana’s Vice President, Alhaji Bawumia, he is the current board chair of La Palm Royal Hotel.
It would be interesting to know what his advice to the Vice President is as regards the infamous sale of SSNIT’s hotels to… pic.twitter.com/EPLi932fF5
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) June 5, 2024
In his latest revelation, Ablakwa highlighted that a senior aide in the Vice President’s office serves as the board chairman of one of the hotels, La Palm Royal Beach Hotel.
He questioned the impartiality and advice this political appointee might offer in his role as board head.
“Prof. Kwaku Appiah-Adu is not only a senior advisor to Ghana’s vice president, Alhaji Bawumia, he is the current board chair of La Palm Royal Hotel.
“It would be interesting to know what his advice to the Vice President is as regards the infamous sale of SSNIT’s hotels to Minister of Agriculture, Bryan Acheampong,” Ablakwa’s post dated June 5, 2024, read in part.
His post continued with probing questions as to what Bawumia’s position was on the deal given the proximity of his close aide to the issue.
“How does Prof. Appiah-Adu also respond to claims from NPP propagandists and Majority Group Leader Afenyo-Markin that the current board and management of La Palm Royal Hotel are incompetent, inefficient and lack ideas, so in their opinion the sale to the extraordinarily competent and visionary Bryan Acheampong is justified?
“If what these NPP propagandists and Majority Group Leader have said about the current board and management of La Palm Royal is true, what does that say about the quality of advice he’s giving the Vice President at the expense of suffering taxpayers who pay him for that kind of advice?” the post concluded.
Meanwhile, President Nana Addo Dankwa Akufo-Addo has tasked the Labour Minister to engage with organised labour who are demanding the planned sale to be halted.
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has released additional documents to support his argument that the proposed sale of four state-owned hotels to a cabinet minister in office was a terrible bargain.
In a recent commentary on the matter, Ablakwa shared an internal memo between the agri-minister Bryan Acheampong’s Rock City Hotels Limited and the state-owned pensions company, SSNIT.
The “SSNIT-ROCK CITY GROUP SALE OF STAKE IN SSNIT HOTELS NEGOTIATION” paper provided a predetermined selling position for each of the hotels in question, including Elmina Beach Resort, La Palm Royal, Ridge Royal, and Labadi Beach Hotel.
According to SSNIT’s appraisal, the combined value of all four hotels was more than US$121 million, although Rock City’s offer was just US$61.2 million.
“The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) range from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.
“From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00,” he added.
He noted the significant losses that SSNIT stood to make if they pushed ahead with accepting the Rock City offer.
Ablakwa was the first to report on the planned sale of SSNIT’s stake in the said hotels and has since adduced evidence to prove the deal was against the interest of the state and pensioners in particular.
He has also filed a petition at CHRAJ to probe possible conflict of interest over the minister’s role in Rock City and his political position as minister and Member of Parliament.
Read Ablakwa’s full post below:
Intercepted memos from SSNIT on Hon. Bryan Acheampong’s Rock City offer for the purchase of SSNIT’s hotels confirm that but for my timely intervention in exposing the deal, Ghanaian workers would have been terribly shortchanged as the transaction does not guarantee value for money.
The SSNIT memos in my possession reveal that SSNIT’s objective expectations based on valuation reports of 60% stake in the 4 hotels (Labadi, La Palm, Ridge Royal & Elmina) ranges from a minimum value of US$80,406,630.00 to a maximum of US$121,315,643.00.
From the intercepted memos, Hon. Bryan Acheampong’s Rock City offer fell far below the minimum value of the 4 hotels. Hon. Bryan Acheampong’s below par bid was US$61,200,000.00.
Considering that SSNIT’s own minimum value based on expert advice was pegged at US$80,406,630.00, the Hon. Bryan Acheampong/Rock City offer did not meet this minimum threshold by as much as US$19,206,630.00.
When compared to the upper limit, Hon. Bryan Acheampong’s offer fell short by a staggering US$60,115,643.00
It is instructive to discover that whereas SSNIT’s minimum offer for La Palm Royal Hotel is US$37,897,200.00, Hon. Bryan Acheampong merely offered US$21,000,000.00 (a significant variance of US$16,897,200.00).
In the case of Elmina Beach Resort, SSNIT was advised to go for a minimum of US$4,709,430.00, however, Hon. Bryan Acheampong offered a paltry US$2,400,000.00.
Analysts are fascinated by how the Hon. Bryan Acheampong/Rock City bids for Labadi Beach Hotel and Ridge Royal were exactly the same figures for SSNIT’s minimum expectations, raising suspicions about possible insider dealings and a rigged process.
These intercepted memos once again expose the deceptive and bogus claims by unpatriotic NPP propagandists and their surrogates that Hon. Bryan Acheampong offered a fair price and that his bid is the best for Ghana.
The clearest indication yet that these hotels were just being opaquely packaged for cheap on the blind side of Ghanaians to satisfy an obscene state capture agenda.
Our agitations must continue unabated, ahead of the June 18 demonstration, since President Akufo-Addo contemptuously refuses to instruct his marauding appointees to take their hands off our hotels.
We shall not be silent and lose these strategic national assets like the way we were taken by surprise with Mr. Kwaw Worsemao Blay now claiming to own the Labadi Hotel beachfront.
Member of Parliament (MP) for North Tongu, Samuel Okudzeto Ablakwahas revealed details linking former National Chairman of the New Patriotic Party (NPP), Freddie Blay, and his son to the ownership of the ‘famous’ SSNIT hotels.
Providing the information alongside copies of court documents on his social media handle, the National Democratic Congress MP stated that Freddie Blay’s son now asserts ownership of the beachfront of the Labadi Beach Hotel.
Additionally, the MP highlighted that this revelation makes the Ghanaian hotel the “only beachfront hotel in the world without exclusive control over its entire beachfront.”
Samuel Okudzeto Ablakwa elaborated on how this information surfaced, noting that it was disclosed in court documents filed by a former partner of Freddie Blay, who felt deceived by the former NPP national chairman.
“It has emerged that the Hon. Bryan Acheampong is not the only ruling party associate with ‘plans’ for Labadi Beach Hotel.
“The bombshell court documents confirm that the son of the former National Chairman of the NPP, Mr. Kwaw Worsemao Blay now claims to be the new owner of the beachfront which had always belonged to the Labadi Beach Hotel.
“Labadi Beach Hotel has thus become the only beachfront hotel in the world which does not have exclusive control over its entire beachfront.
“Sadly, because of the powerful politically exposed persons involved in this shady encroachment, the Board and management of Labadi Beach Hotel appear helpless.
“Ghanaians may never have known of this shocking hostile 2022 takeover by then NPP Chairman, Mr. Freddy Worsemao Blay’s son if Mr. Kwaw Worsemao Blay’s business partner, Mr. Loic Devos Junior had not initiated legal action at an Accra High Court (Commercial Division) on February 17, 2023 alleging that his business partner, Mr. Kwaw Worsemao Blay has cheated him out of their business operations and fraudulently denied him of the financial benefits of their joint business dealings,” he detailed.
The North Tongu legislator further disclosed that Loic Devos Junior, a partner to Freddie Blay, entered into a mutual agreement with the former NPP chairman but was subsequently deceived in the arrangement.
Following this, Freddie Blay allegedly restricted Loic Devos from accessing the company’s accounts, assuming full control of the business without his involvement.
Okudzeto Ablakwa also implicated a former Managing Director of theLabadi Beach Hotel in the matter involving Freddie Blay, suggesting that this led to the dismissal of the hotel boss, Rene Vincent-Ernst.
Explosive court documents I have obtained and currently analysing reveal that top politically exposed persons associated with the ruling NPP have long had a grand state capture scheme to completely take over SSNIT’s hotels, particularly, the super profitable Labadi Beach Hotel.… pic.twitter.com/VO05BfYJwN
— Sam Okudzeto Ablakwa (@S_OkudzetoAblak) June 1, 2024
Communications team member of the ruling new Patriotic Party (NPP), Saaka Salia has accused Member of Parliament for North Tongu, Okudzeto Ablakwa of being envious of Minister for Food and Agriculture and the owner of Rock City Hotel, Bryan Acheampong .
This comes after the North Tongu MP took to social media to announce the Minister’s negotiations with the Social Security and National Insurance Trust (SSNIT) since 2018 regarding the sale of a 60% stake in four SSNIT-owned hotels i.e Labadi Beach Hotel, LA Palm Royal Beach Resort, Ridge Royal Hotel, and Elmina Beach Resort.
During an engagement with Berla Mundi on TV3’s new day show on May 22, 2024, the NPP communicator noted that, a sale of shares of a company does not indicate a sale of the company itself.
There is nothing wrong with SSNIT resoling to sell some of its shares to a Ghanaian to make the best out of its opearations hence Ablakwa’s rants and decision to sponsor a bill against government officals procurement of state assest is out of sheer envy and dirty politics.
“This is envy, envy people are envious of Bryan Acheampong If not for envy and dirty politics. I’m telling you, Okudzeto cannot have any other reason. Envious to the extent that they think that this guy let’s bring him down.
Two reasons the thing is envious; he thinks that let’s bring Bryan Acheampong to our level. And the second one is dirty politics. Why would you go and politics” he said
On his part, the decision to sale this shares was a sole decision by SSNIT and not the government.
“You see when you offload shares, it is the shares that you have sold not the company. Currently as we speak, Ghana government has 30% stake.. But you see I can understand people just want the government to look bad, but this is SSNIT, it is SSNIT that is making a decision itself, and the decision says that we want international companies all over the world to bid for this,we want SSNIT hotels that are doing well in a way and those that aren’t doing well we want them to do better.
So we want a strategic partner that is a Ghanaian” he added.
Okudzeto Ablakwa is just envious of Bryan Acheampong and wants to take him down – Saaka Salia on the sale of SSNIT Hotels#TV3NewDaypic.twitter.com/PFn9yJNcxF
Meanwhile, on Tuesday, May 21, 2024, he announced via a Facebook post his intention to sponsor a private member’s bill in Parliament.
The bill seeks to prevent politicians and politically exposed individuals from purchasing state assets by closing all loopholes in the current legal framework.
Ablakwa’s initiatives also include a petition to the Commission on Human Rights and Administrative Justice (CHRAJ), requesting an investigation into the sale and urging CHRAJ to halt the transaction.
He cited concerns about a lack of due process and breaches of procurement procedures.
Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa intends to present a private member’s bill in Parliament aimed at curbing the acquisition of state assets by politicians and politically exposed individuals.
The proposed bill aims to “close all loopholes in the current legal framework” and prevent politicians from using their positions for personal enrichment.
Taking to Facebook on Tuesday, May 21, Ablakwa announced his intention to introduce the bill, emphasizing his longstanding campaign against this practice spanning 16 years.
He believes that enacting robust legislation with stringent penalties is crucial to preventing further abuses of power.
“In the coming days, I shall be sponsoring a Private Member’s Bill in Parliament to expressly prevent politicians and politically exposed persons from participating directly or indirectly in the purchase of state assets.”
“The objective will be to legally block all loopholes in the current legal regime which some politicians appear to be exploiting.
Ablakwa’s facebook’s post communicating his intentions
After 16 years of crusading against politicians purchasing state assets under conflict of interest, opaque, abuse of power and unethical circumstances; I believe it is time to have a strong piece of legislation with deterrent sanctions to end the canker.”
Amidst his petition with the Commission on Human Rights and Administrative Justice (CHRAJ) regarding the sale of four SSNIT-owned hotels to Dr. Bryan Acheampong, Minister for Food and Agriculture, Samuel Ablakwa is set to introduce a private member’s bill aimed at preventing politicians from acquiring state assets.
Ablakwa is urging CHRAJ to conduct an inquiry into the sale, alleging a lack of due process and breaches of procurement procedures.
He is also calling for the sale to be halted pending investigation.
In response, Dr. Acheamponghas expressed disappointment with Ablakwa’s actions, dismissing the allegations as baseless and asserting that they are an intentional effort to damage his reputation.
