SSNIT has done no wrong-Kofi Osafo Maafo

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The Executive Director of SSSNIT, Mr. Kofi Osafo-Maafo has denied wrongdoing in SSNIT’s attempt to offload 60% of its stake in its hotel portfolio.

SSNIT has recently come under public scrutiny after its decision to sell 60% stakes in four of its hotels.

The hotels include Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort and Ridge Royal Hotel.

Following a series of interceptions and allegations from the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, the public’s spectacle on activities of the scheme has been intense.

The former deputy Minister of Education had cited several procurement and statutory breaches in a deal that attempts to offload 60% of SSNIT’s shares in the four hotels to Brian Acheampong’ s Rock City, hotel.

Furthermore, he alleges that these companies are profitable and accuses the Minister of Agriculture, Brian Acheampong, of using his privileged position to indulge in state capture.

This eventually culminated into a demonstration across the principal streets of Accra, with protesters calling for the cancelation of the deal.

Following organized labour pressure to get the deal abrogated, the National Pensions Regulatory Authority issued a directive to SSNIT to halt the sale until further notice.

But speaking to the media, the Chief Executive Office for SNNIT, Mr. Marfo noted that these hotels have historically been unprofitable.

He stated that beyond their inability to declare dividends to the government, a whopping amount of GHC 230 million in shareholder loans have been sank into these companies without any foreseeable profits.

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