Rock City withdraws bid to purchase SSNIT hotels

Rock City Hotel has withdrawn its bid to purchase some listed hotels owned by the Social Security & National Insurance Trust (SSNIT).

According to the institution, the decision stems out of some undue negativity that has been associated with the transaction, SSNIT’s failure to engage all it stakeholders properly about the situation, as well also some commentaries in the media space that are creating some perceptions that are injurious to the Rock City brand.

A letter dated July 12, 2024 and addressed to the Director-General of SSNIT stated: “At all material times, we believed that we had participated in an internationally competitive bid and were happy to have learned of our success having edged out the 15 other organisations that participated in the process.

It therefore came as a total suprise to us that some of your stakeholders have raised concerns about your decision to seek strategic partners for these hotels

We have also taken note of ongoing media discussions on your decision to seek strategic investors for these hotels.

Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want associated with our brand.

We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels.

Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity.”

The hotel in the letter, also gave consent to SSNIT to publish all or any part of its bid documents for public scrutiny of it becomes necessary.

This comes following a declaration by Organised Labour of an indefinite strike action following the National Pensions Regulatory Authority’s (NPRA) approval, giving clearance to SSNIT to proceed with its controversial sale of a 60% stake in four hotels to Rock City Hotel, owned by Bryan Acheampong.

According to the Secretary General of the Trades Union Congress (TUC), Dr. Yaw Baah, the Union does not understand why the NPRA would allow SSNIT to proceed with the deal without further engagement after it initially ordered SSNIT to halt the procedure.

As such, TUC has directed its members to lay down their tools effective Monday, July 15.

Addressing the media on July 12, Dr. Baah said “From Monday 15 of July 2024, all workers in Ghana must not go to work until SSNIT publicly announces the termination of the process for the sale of its shares in the hotels.”

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