“SSNIT Refutes Claims of Rejecting $200 Million Bid for Hotel Stake Amid Controversy”

SSNIT Denies Rejecting $200 Million Bid for Hotel Stake Amid Controversy

Kofi Bosompem Osafo-Maafo, Director General of the Social Security and National Insurance Trust (SSNIT), has refuted claims by Freddy Blay, former National Chairman of the New Patriotic Party (NPP), that SSNIT rejected a $200 million bid from his son’s company, Spartan Ives, for a 60% stake in its hotels.

Osafo-Maafo clarified that Spartan Ives did not progress beyond the initial evaluation stage of the bid process. He explained that their technical proposal did not meet the required score threshold, thereby preventing the opening and assessment of their financial proposal as per legal requirements.

“The claim that SSNIT turned down an offer of $150 to $200 million cannot be substantiated because the offer was never assessed; the envelope containing the financial proposal was not opened,” Osafo-Maafo emphasized during a media update on SSNIT operations.

The controversy arose following statements by Freddy Blay regarding his son’s bid for SSNIT hotels, where he indicated a substantial financial offer and support from banking syndicates. Blay stated that despite the bid, SSNIT opted not to proceed with Spartan Ives but chose another company.

SSNIT further disclosed that negotiations for the sale of a 60% stake in its hotels, particularly involving Rock City Hotel owned by the Minister of Food and Agriculture, Bryan Acheampong, have been halted in compliance with directives from the National Pensions Regulatory Authority (NPRA).

The developments underscore ongoing scrutiny and debate surrounding public asset transactions in Ghana’s business landscape.

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