The Social Security and National Insurance Trust (SSNIT) has responded to allegations by the Member of Parliament for North Tongu Constituency, Mr. Samuel Okudzeto Ablakwa, that it made losses in the sale of its 25% shares in the Grand Regency Hotel in Kumasi to Rock City Hotel in 2022.
Mr. Ablakwa had alleged that even though SSNIT’s 25% shares in the Grand Regency Hotel were valued at GHS 8.6 million, SSNIT agreed to sell the shares to Bryan Acheampong for only GHS 7.4 million.
He also stated that the transaction was marked by significant financial losses and questionable negotiations, underscoring the need for it to be investigated.
However, the Director General of SSNIT, Mr. Kofi Osafo-Maafo, said they rather made gains.
Contrary to the claims made by the MP, the SSNIT Director General said the 25% shares in the hotel were valued at Ghc6.684 million.
The valuation, he said, was done by the Ghana Institute of Surveyors.
“So it’s not a SSNIT internal valuation. It was done independently towards the end of 2021. That was for a 25% stake. We sold that stake not too soon after for GHC 7.4 million. We made a gain in that sale. It’s being alleged that we made a loss, but we made a gain,” he said at a press conference held on Monday, July 8, 2024.
He stated that he was unsure how someone would read negotations and assumed that the beginning point should be the final outcome.
He added that you will definitely start from a higher figure and want to end up somewhere, and that is acceptable, and that is exactly what we did.
By: Rainbowradioonline.com/Ghana
