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Donkomi: Why Freddie Blay's son's $150m to $200m bid to buy SSNIT hotels was rejected

Local News

16 days ago
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A former National Chairman of the New Patriotic Party (NPP), Freddie Blay, has affirmed reports that his son wanted to buy shares of the Social Security and National Insurance Trust (SSNIT) in some hotels advertised in 2022.

Speaking in an interview on TV3 on June 24, 2024, the former NPP National Chairman stated that his son, a big player in the tourism sector, submitted a bid of not less than 200 million for about 7 SSNIT hotels but his bid was not accepted.

Even though Blay did not mention the currency denomination for his son's bid, numerous reports indicated that the bidding was done in United States dollars ($).

Blay, who is the current Chairman of the Board of the Ghana National Petroleum Company (GNPC), made this revelation while refuting the allegation of state capture by his son, Kwame Blay, who has been accused of illegally acquiring the Labadi beachfront.

“My son is about 33, 34 (years old). He's grown up, and involved in business. I don't answer questions for him. But that apart, my son, if you care to know, is not just involved in hotels, he is involved in the tourism industry.

“SSNIT offered to sell several hotels. He wanted a package and my son's company Spartan (Ives SSA) applied alongside about twelve or so companies. He offered to buy it for over 150 to 200 million with a syndicate of banks supporting him and a well-branded hotel chain," he said.

Freddie Blay added, “Of course, SSNIT decided that they would rather not give it to my son’s company and give it to another company.”

Reacting to this, the Member of Parliament (MP) for North Tongu, Samuel Okudzeto Ablakwa, indicated that Freddie Blay’s revelation makes nonsense of claims that the 60% shares of four SSNIT hotels were sold to the highest bidder, Rock City Hotel Limited, which belongs to the Minister for Food and Agriculture, Bryan Acheampong.

“We were told Bryan Acheampong offered the highest bid of US$61 million; now former NPP Chairman, Freddie Blay also says his 34-year-old son offered ‘150 to 200 million’ for the SSNIT hotel,” Ablakwa wrote in a post shared on Facebook on June 25, 2024.

source: Ghanaweb.com