The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, addressed allegations made by the former National Chairman of the New Patriotic Party (NPP), Freddy Blay regarding the ongoing operations of the State Pension Trust. According to Blay, a substantial bid made by his son’s company to purchase a significant share in several of SSNIT’s hotels was unjustly rejected. However, Osafo-Maafo clarified that the bid was never considered due to failure to meet the initial evaluation criteria.
The issue centers on a bid reportedly ranging from $150 to $200 million proposed by Spartan Ives, the company owned by Blay’s son, aiming to acquire a 60 percent stake in about seven hotels owned by SSNIT. This bid, as per Freddy Blay, involved support from a syndicate of banks and a well-branded hotel chain. Despite these claims, SSNIT asserts that the company’s technical proposal did not pass the mandatory preliminary evaluation, falling short of the required 50% mark, thus disqualifying it from financial assessment. As a result, the financial proposal remained unopened and was returned.
Osafo-Maafo emphasized the adherence to legal and procedural norms, stating that the evaluation process is crucial and strictly adhered to ensure fairness and transparency in handling state assets. The Director General also stressed that the claims of rejecting a substantial offer were unfounded as the proposal itself was never officially reviewed.
This revelation came when Freddy Blay’s issued a statement during an interview on TV3, where he disclosed his son’s interest in expanding his business ventures into the hotel industry. According to Blay, despite the hefty bid and backing by reputable financial institutions, SSNIT opted to favor another company.
Furthermore, the fate of a 60 percent stake in four of SSNIT’s hotels remains undecided. The Trust indicated that discussions regarding the sale to Rock City Hotel, linked to the Food and Agric Minister, Bryan Acheampong, are currently paused. This decision follows directives from the National Pensions Regulatory Authority (NPRA), which oversees pension-related matters.
The position taken by SSNIT and its latest revelations emphasize the difficult tasks and stringent guidelines associated with overseeing and selling state-owned assets. This circumstance highlights the difficulties organizations have in striking a balance between the public interest and commercial ventures. The inspection of protocols and the integrity of transactional processes inside these kinds of public institutions continue to be in the limelight as the process progresses.
