The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has refuted claims by former National Chairman of the New Patriotic Party (NPP), Freddy Blay, that SSNIT turned down a $200 million bid from his son’s company to acquire a 60 percent stake in its hotels.
According to Osafo-Maafo, the proposal from Spartan Ives did not pass the initial evaluation stage of the bidding process.
Updating the media on the State Pension Trust’s operations, Osafo-Maafo explained that Spartan Ives’ financial proposal was never opened or assessed.
“The claim that has been made by Mr. Freddy Blay that his son’s company, Spartan Ives, bid $150 to $200 million and SSNIT turned it down cannot be substantiated
“Their technical proposal was weak and they scored below the required 50%, so their financial proposal was not even assessed,” he stated.
Freddy Blay had previously revealed in a TV3 interview that his son submitted a bid of at least $200 million for SSNIT’s shares in several hotels advertised in 2022.
Despite this claim, Osafo-Maafo emphasized adherence to the legal process: “For the process, you first go through an evaluation panel and score. Once scored and you get past the pass mark we then assess your financial proposal. The envelope was not even opened. It was returned to them.”
SSNIT also mentioned that the decision to sell a 60 percent stake in four of its hotels remains inconclusive.
Negotiations with Rock City Hotel, owned by Food and Agric Minister Bryan Acheampong, have been halted following a directive from the National Pensions Regulatory Authority (NPRA).
