The Management of Social Security and National Insurance Trust (SSNIT) has refuted claims that the son of former Chairman of the New Patriotic Party (NPP), Freddie Blay, submitted a bid of over $150 million for the 60% stake in the four hotels on sale.
At a news conference on July 8, the Director-General of SSNIT, Kofi Osafo-Maafo, clarified that the company that bid on behalf of Freddie Blay’s son failed to meet the necessary requirements. Osafo-Maafo emphasized that SSNIT followed a rigorous and transparent process in evaluating the bids received for the hotels.
He explained that the bid submitted by the company linked to Freddie Blay’s son was thoroughly reviewed, but it did not meet the criteria set by SSNIT. The Director-General did not disclose the specific reasons for the disqualification but assured that the decision was based on merit and in the best interest of the Trust.
The four hotels in question are the Labadi Beach Hotel, the Accra Beach Hotel, the Elmina Beach Resort, and the Kumasi City Hotel. SSNIT had announced the sale of the 60% stake in the hotels as part of its strategy to divest from non-core businesses and focus on its core mandate.
The sale process attracted significant interest, with several companies submitting bids. However, SSNIT has maintained that the evaluation process was fair and transparent, and the successful bidder will be announced soon. Osafo-Maafo assured that the Trust will continue to prioritize transparency and accountability in all its dealings, including the sale of the hotels.
