Finance Ministry allegedly approved $491,986 payment to Transaction Advisor in SSNIT hotels divestiture
The Ministry of Finance’s Central Tender Review Committee approved a payment of $491,986 to a transaction advisor for the divestiture of hotels owned by the Social Security and National Insurance Trust (SSNIT), according to a letter dated December 24, 2019, shared on social media by North Tongu lawmaker Samuel Okudzeto Ablakwa.
The MP recently published documents alleging a conflict of interest in the sale, highlighting that the buyer, Rock City Hotel Limited, is owned by his colleague MP and Agriculture Minister Bryan Acheampong.
The letter, signed by David Quist, Secretary to the Committee, confirmed the approval for SSNIT to engage Messrs SEM Capital as the transaction advisor at the stated contract price, inclusive of taxes.
It also directed SSNIT to continue with all necessary processes and maintain records for future procurement audits.
M Ablakwa’s post on the micro-blogging site X read: “In pursuit of full transparency and accountability, I can today reveal that the Transaction Advisor for SSNIT’s sale of a 60% stake in its hotels to Bryan Acheampong’s Rock City is SEM Capital.
“It’s costing Ghanaian workers a hefty $491,986 (GHS7.1 million at the current exchange rate) to advise on a transaction the overwhelming majority of Ghanaian workers do not support. Selling strategic state assets doesn’t come cheap, which is why we insist SSNIT should first have engaged in broad consultations. Stop the sale NOW!”
Fi
