Kanawu Radio number 1 news portal
Business News of Wednesday, 3 July 2024
Source: www.ghanaweb.com
Minister of Food and Agriculture, Bryan Acheampong
Dr Solomon Forkuo Kwarteng, a lecturer at the Kumasi Technical University (KsTU), has argued that the campaign by the North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, against the purchase of SSNIT’s stakes in four hotels by Rock City Hotel management is borne out of politics and sheer jealousy.
According to Dr. Kwarteng, Okudzeto Ablakwa has embarked on this course because RockCity is owned by the Minister of Food and Agriculture, Bryan Acheampong.
Expressing his opposition to Ablakwa’s campaign on the Ohio-based Ghanaian radio station Sky FM, Dr. Kwarteng noted that the Social Security and National Insurance Trust (SSNIT) made an investment decision to sell off their stake in the four hotels as it made financial sense to the management.
Dr. Kwarteng explained that in doing so, SSNIT did not flout any laws and therefore should not be subjected to the controversy that has characterized the deal.
“There is no law that bars SSNIT from selling the hotel, and from all indications, everything has been done in accordance with the law, so what is the problem? There is a difference between morality and the law.
“As long as the person has not violated any law, I see nothing wrong with it. We attach politics to everything, so even when we have to use common sense, we view it through political lenses. SSNIT manages our monies for us, so they look beyond politics. They look at investment opportunities and where they are likely to get the maximum returns.
“SSNIT is not a church; they are holding people’s money in trust. Does Bryan Acheampong’s Rock City have experience in hotel management? The answer is yes. Did they use the right means to bid for it? Yes,” he said.
Meanwhile, the Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Osafo-Maafo, has said that the Trust will continue to engage all stakeholders on the proposed sale of 60 percent of its stake in four hotels.
He said that while complying with the directive of the National Pension Regulatory Authority (NPRA) to suspend the sale, the Trust would continue to engage stakeholders “to let them know we did the right thing in good faith. We want better results and have done things transparently.”
Osafo-Maafo stated this when he opened the 2024 SSNIT Media Encounter at Aburi in the Eastern Region.
The theme was “Sustaining the SSNIT Pension Scheme: Investments and its impact on Benefits payment.”
He said the decision to sell the shares was largely commercial, aiming to maximize the benefits.
“Our aims are not different from the Unions. We both want the best value. We want to maximize our benefits.”
The hotels in question are La Palm Royal Beach, Elmina Beach, Busua Beach, Ridge Royal, Trust Lodge, and Labadi Beach.
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