In the heart of our nation, a sinister force is at play. Samuel Okudzeto Ablakwa’s relentless attacks on Dr. Bryan Acheampong and SSNIT’s prudent decision to sell shares in underperforming hotels are a stark reminder that a nation cannot be built on lies and deceit.
Ablakwa’s actions are a classic example of political grandstanding, where he prioritises his own self-interest over the well-being of the nation. By parading documents and inconclusive reports, he creates a false narrative that perpetuates his own image as a champion of truth, while actually causing harm to innocent individuals and damaging the reputation of his targets.
Fellow Ghanaians, his true motives are clear: to gain popularity and relevance within the NDC, no matter the cost. The young man is willing to destroy reputations, perpetuate falsehoods, and undermine the nation’s interests to achieve his own selfish goals.
Let nobody be fooled by his pretentious antics. Ablakwa’s actions are not driven by a desire to serve the nation, but by a lust for power and recognition and it’s time to expose his deceitful tactics and hold him accountable for the harm he has caused. The nation deserves better than political opportunists like Ablakwa.
I must confess, that I was once captivated by his exceptional wit, sharp intellect, and seeming unwavering passion for Ghana’s progress. He was indeed one of the “babies with sharp teeth” – a breed of young, dynamic leaders destined to shape the nation’s future. However, his recent antics have left me disillusioned and dismayed.
Rather than leveraging his remarkable gifts for the greater good, Ablakwa has chosen to employ them disingenuously, manipulating facts and exploiting emotions to further his own political ambitions.
Today, Ghana is once again embroiled in a needless controversy, courtesy of Samuel Okudzeto Ablakwa’s political machinations. The MP’s hypocrisy and selective outrage are stunning. He knows full well that SSNIT’s sale of shares to private citizens is a common practice, and that many Ghanaians, including his own political mentors, have benefited from such transactions. Yet, he chooses to grandstand and create controversy where none exists, solely to further his own political ambitions.
As we delve into the contentious SSNIT issue, it’s essential to recall the character of the individual at the centre of the storm – Samuel Okudzeto Ablakwa. I hope we remember his about-face on the MP’s car loan issue in 2021. After taking the loan twice himself, he had the audacity to advocate for its discontinuation, presenting himself as a champion of the people while leaving his colleagues to face the backlash.
Ablakwa’s actions perpetuated a false narrative that MPs are disconnected from the people’s struggles, causing harm to his colleagues’ reputations and reinforcing negative public perceptions. His willingness to sacrifice his colleagues’ reputations for political gain was alarming, demonstrating a clear case of political opportunism at the time.
Okudzeto Ablakwa’s actions were a stark reminder of the ancient proverb “when crocodiles eat their own eggs, what will they not do to the flesh of a frog.” His willingness to destroy his own colleagues and publicly shame them demonstrates a ruthless ambition that will stop at nothing to achieve his parochial goals .
Just as a crocodile devours its own eggs without hesitation, Ablakwa has shown a similar disregard for his own colleagues, cannibalizing them for political gain.
In all these, his vicious attacks on Dr. Bryan Acheampong reeks of desperation and political calculation. Ablakwa’s timing is suspect, coinciding with Dr Acheampong’s emergence as a potential running mate for Dr. Bawumia. This is no coincidence; Ablakwa seeks to discredit Bryan Acheampong to advance his own political ambitions.
His social media noise contradicts his claim of relying on CHRAJ’s investigation. His true intention is to tarnish the Abetifi MP’s reputation through public mudslinging. We must question Ablakwa’s motives and reject his despicable tactics.
His justification for attacks on SSNIT’s hotel sale is baseless, relying on misinformation and deceit. The sale was a strategic move to strengthen SSNIT’s financial position and improve management, a decision supported by facts and evidence.
While it’s natural to question the motivations behind these sales, we must avoid singling out individuals and instead encourage a national debate on the practice. SSNIT’s share sales are not a new phenomenon, but a longstanding strategy to optimise its portfolio. However, if this practice worries us, we should engage in a broader discussion on the Trust’s investment policies and their implications. Let’s examine the underlying reasons behind these sales and evaluate their impact on the economy and beneficiaries.
Personal attacks and insinuations of undue influence only divert attention from the real issues. It’s essential to recognise that SSNIT’s investments are managed by a team of professionals, not individual whims. We should focus on the policy implications, not personal motivations.
Justification for SSNIT’s Sale of a 60% Stake in each of its Six Hotels
The Social Security and National Insurance Trust (SSNIT) has been a vital institution in Ghana’s social security system, providing pension payment assurance and benefits to its contributors. However, its investment in six hotels has been a topic of discussion in recent times. In this article, I will justify SSNIT’s decision to sell a 60% stake in each of its six hotels, highlighting the reasons behind this move and the benefits it will bring.
Overview of SSNIT Functions
SSNIT’s value proposition includes pension payment assurance, benefits, and contributions. The trust pays monthly pensions to contributors, increases pensions annually, and provides benefits to nominated dependents in the event of death or retirement before age 75. SSNIT also offers monthly pension payments in the event of an accident or illness that renders a contributor unable to work.
Rationale for Investment Decision
SSNIT’s ultimate goal is to manage investment risks and improve investment returns. The trust has implemented an asset allocation policy and invests in line with this policy. Restructuring non-performing companies is a priority, and the sale of the hotels is a strategic move to achieve this goal.
The Six Hotels
The six hotels are La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel, Trust Lodge, and Labadi Beach Hotel. Unfortunately, these hotels have not performed well financially, with five out of the six hotels making losses over the past five years. The hotels have also not paid dividends to SSNIT in all their years of operation.
Track Record
The hotels have a poor track record, with La Palm Royal Beach Hotel, Elmina Beach Resort, and Busua Beach Resort making losses in eleven, nine, and nine out of fourteen years, respectively. Ridge Royal Hotel has made losses in all eight years of operation. Only Labadi Beach Hotel has made profits, but it has also made losses in two out of fourteen years.
Performance
The hotels’ performance has been disappointing, with average returns on equity ranging from -4.2% to -33.1%. The hotels have also accumulated significant debts, including SSNIT contributions.
Procurement Process
SSNIT followed a rigorous procurement process, engaging a Transaction Advisor through international competitive tendering. The advisor led a consortium of four firms, which handled the valuation of the hotels, prepared documents, and undertook due diligence.
Valuation and Bid Results
The hotels were valued independently using the Price of Recent Investment methodology. Rock City Hotel Limited emerged as the preferred bidder, offering a total bid of USD61.2 million, above the valuation of USD59.1 million.
Grand Regency Valuation and Sale
The sale of Grand Regency Hotel also followed a similar process, with the hotel valued at GHS6.684 million. The sale price of GHS7.4 million resulted in a gain of approximately GHS0.716 million.
SSNIT’s decision to sell a 60% stake in each of its six hotels is justified. The move is aimed at managing investment risks and improving investment returns. The poor performance of the hotels and the significant debts accumulated make it a prudent decision to engage a strategic investor to turn around the fortunes of the hotels.
The Trust has consistently rebalanced its portfolio, adapting to changing market conditions and economic realities. As SSNIT navigates the complex landscape of investments, it must prioritize transparency, accountability, and the interests of its beneficiaries.
Ultimately, the Trust’s decisions should align with its core purpose: securing the financial future of Ghanaian workers. As the conversation unfolds, it is crucial to strike a balance between prudent investment management and the responsible stewardship of national assets.
Therefore, Ablakwa’s reckless use of social media to destroy reputations and advance his personal ambitions is a threat to the very fabric of our society. His insatiable quest for popularity and attention within the NDC knows no bounds, even if it means sacrificing the truth and manipulating his colleagues.
The truth must prevail, and individuals like Ablakwa must be held accountable for their actions. Let us build a nation founded on truth, transparency, and accountability. A nation where individuals prioritise the greater good over personal gain. A nation where hate and deceit are not tolerated. It’s time for a change.
