Why your SSNIT pension will be meagre | Episode 1: SSNIT took 1.2million loss to sell your pension shares to MP

Why your SSNIT pension will be meagre | Episode 1: SSNIT took 1.2million loss to sell your pension shares to MP

More revealing documents on the SSNIT-Bryan Acheampong Bromance. SSNIT took 1.2 million loss to sell your SSNIT pension shares to the MP

These intercepted letters and minutes on how SSNIT sold its 25% shares in the Grand Regency Hotel, Kumasi to Hon. Bryan Acheampong in 2022 must serve as a cautionary tale on how the latest transaction involving 6 hotels would be finalized if we don’t stop the marauding cabal.

Interesting observations:

1) Even though SSNIT’s 25% shares in Grand Regency Hotel was valued at GHS8.6million, SSNIT was happy to sell to Bryan Acheampong at only GHS7.4million.

This means that the State, and Ghanaian workers in particular, lost a massive GHS1.2million in this deal;

2) From the minutes on the negotiations, Bryan Acheampong’s Rock City rejected SSNIT’s request to have the valuation priced in US Dollars, and they also rejected SSNIT’s suggestion to align their offer price with the prevailing Cedi-Dollar rate;

3) Why has Bryan Acheampong been shockingly allowed to make his below-value payment in installments, despite enjoying exceptional preferential treatment?

4) It is extremely worrying that Mr. Kofi Osafo-Maafo who chaired these soft, crony negotiations in which Ghana made huge losses has been promoted to Director-General of SSNIT, after his boss was disgracefully removed, and is now set to finish what he started with these 6 additional hotels.

5) Whose great patriotic idea was it to quietly sell SSNIT’s 25% shares in a profitable Grand Regency Hotel in Kumasi with an occupancy rate of 90% to Hon. Bryan Acheampong?

Ghanaian workers do not deserve this from their pension managers. Ghana First, Hon. Okudzeto Ablakwa writes

Commentary

This transaction will definitely contribute to the level of SSNIT pension that contributors will receive when they go on retirement. The pension amount will be will be meagre as current retirees are receiving

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