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SSNIT Hotels Sale: Transaction advisor was paid $491,986 – Okudzeto Ablakwa

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The Central Tender Review Committee of the Ministry of Finance has approved a payment of $491,986 to a transaction advisor in the divestiture of hotels belonging to the Social Security and National Insurance Trust (SSNIT), this is according to a letter dated December 24, 2019, shared by Samuel Okudzeto Ablakwa.

The MP recently published documents of the divestiture alleging a conflict of interest on the part of the owner of the chosen buyer, Rock City Hotel Limited, owned by the Minister of Food and Agriculture, Dr Bryan Acheampong.

“Based on documentation presented to the Committee, concurrent approval is hereby granted SSNIT to engage recommended tenderer, Messrs SEM Capital at a contract price of Four Hundred and Ninety-One Thousand, Nine Hundred and Eighty-Six US Dollars ($491,986.00) inclusive of taxes,” parts of the letter read.

The letter, signed by secretary to the committee, David Quist, further instructed SSNIT to proceed with all other processes and keep records for future procurement audits.

Ablakwa captioned his post as follows: “In pursuit of full transparency and accountability, I can today reveal that the Transaction Advisor for SSNIT’s sale of 60% stake in its hotels to Bryan Acheampong’s Rock City is SEM Capital.

“It’s costing Ghanaian workers a hefty $491,986.00 (GH¢7.1million at current exchange rate) in paying SEM Capital to advise on a transaction the overwhelming majority of Ghanaian workers do not support.

“Selling strategic state assets don’t come cheap, that is why we insist SSNIT should first have engaged in broad consultations. Stop the sale NOW!” his post read.

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