Rock City Hotel has officially withdrawn its bid to acquire a 60 percent stake in four hotels owned by the Social Security and National Insurance Trust (SSNIT).
The hotels in question include La Palm Beach Hotel, Labadi Beach Hotel, Royal Ridge Hotel, and Elmina Beach Hotel.
The decision to withdraw the bid follows threats from Organised Labour to embark on a strike scheduled for Monday, July 15, if SSNIT proceeded with the sale to Rock City Hotel, which is owned by Agriculture Minister Bryan Acheampong.
In a letter addressed to the Director-General of SSNIT, Mr. Kofi Osafo-Maafo, Rock City Hotel expressed disappointment over the perceived lack of stakeholder engagement, which they believe contributed to the negative reception of their bid.
"We are disappointed at the lack of stakeholder engagement, which we believe has led to the negativity surrounding our bid," the letter stated.
In light of these concerns, Rock City Hotel has decided to discontinue its pursuit of the investment opportunity in the SSNIT-owned hotels.
This move comes as a significant development amidst ongoing discussions and tensions regarding the sale.
In an effort to promote transparency and accountability, Rock City Hotel has agreed to the release of all or parts of their bid documents for public scrutiny or publication if deemed necessary.
This gesture aims to ensure the public is fully informed about the details of the bid and the processes involved.
The withdrawal of Rock City Hotel's bid highlights the critical role of stakeholder engagement and public sentiment in high-profile transactions involving national assets.
The response from Organised Labour and the subsequent decision by Rock City Hotel underscore the importance of considering the interests and concerns of all parties involved.
As the situation unfolds, it remains to be seen how SSNIT will proceed with the future of the hotels and address the concerns raised by various stakeholders.
The decision by Rock City Hotel to withdraw their bid is a significant turning point, reflecting the complexities and challenges in managing public assets and investments.
Story by: Joshua Kwabena Smith
Comments