Prof. Dinkum has debunked claims that Rock City Hotel, owned by Agric Minister, Bryan Acheampong’s decision to withdraw from purchasing SSNIT hotels and subsequent abrogation of the bidding process by SSNIT was as a results of National Democratic Congress (NDC)’s Member of Parliament for North Tongu Constituency, Hon. Samuel Okudzeto Ablakwa’s public roar and protest.
According to him, Okudzeto Ablakwa’s claim that Rock City incurred financial loss in their audit report, hence, the withdrawal from the SSNIT deal and that no government official must be greenlighted to acquire State – owned resources are false.
He explained that “Rock City Hotel, began experiencing financial see – sawing in 2021 and that was when, on March 12 2021, they reported themselves to Ghana Revenue Authority that, they would be making losses in that particular year and as a result, they would do debit adjustments, when they become financially worthy in few years to come and which they honored it on the 9th of March 2023, having submitted the full amount of Gh¢ 20, 782 to GRA . By then, the SSNIT had closed the podium for possible investment acquisitions for that 60% stake. Even, in their pre – qualifications criteria, it was unfolded amongst other things, valid SSNIT and GRA clearance certificates for firms registered in Ghana. If it wasn’t imperative for stern consideration, would they have entrenched it in their requirements ? Your political virulence is exposing your viridity steadily. Whatever you said pertaining to this, were outright fallacies.” He said in a statement.
READ THE FULL STATEMENT BELOW
ABLAKWA’S BUM RAPS WEREN’T THE ROPES FOR ROCK CITY’S RESCISSION FROM THE SSNIT DEAL AND THE SUBSEQUENT ABROGATION OF THE BIDDING PROCESS BY SSNIT.
It has become unbridled on stack of platforms, where people are hymning Okudzeto Ablakwa in response to Rock City’s palinode in their generally – revealed conation to purchase 60% of the SSNIT Hotels and the proximate termination of the bidding process by SSNIT . It was zany to read those antiphons meant for such a kind – of – illywhacker, when he could be panned for foiling the swelling of that department instead. Ablakwa doesn’t have a garment of chronically inveterate lying prowess only, he does have the genetic traits of it as well. His intellectual hyperbolism all the times, continues to ticket him to his Waterloo. Ablakwa has proven anew that, he is suffering from a pounding of ignorance of intellectualism. This time around, Ghanaians are on the qui vive, in that, we won’t weight equally to your martyrdom.
Ablakwa’s claims were sprung from two neurotic observations, thus ;
1) The Rock City incurred financial loss in their audit report, hence they don’t have the wherewithal to soup up those facilities. Instead, they want to pyramid a moderate capital into those colossal hotels. He made such godawful and aw – shucks statement in June 2024, when speaking to this issue on JoyNews, a program titled ‘ PM Express ‘. Ridiculously, he couldn’t quote the exact amount of losses, Rock City Hotel firm incurred according to him unlike the STC. Meanwhile, the owner of Rock City Hotel, Hon Bryan Acheampong had dared the clattering and obstreperous man, Okudzeto Ablakwa with a well – furnished mansion at Trasacco, if he corroborates his assertion with documental evidence, but he has been put into a hush since then. Let me make this hellacious clarification for people to acquire the exact drift of it. After SSNIT had kowtowed to the Public Procurement Act 2003 ( Act 663 ), as amended by Act 914, which the Committee followed International Competitive Tendering ( ICT ) and subjected to the sale of 60% of its assets through advertisements in the dailies of November 2018 and January 2019, where the deadline was on the 19th of January 2019, Rock City had not tattered their impending losses to Ghana Revenue Authority then.
Rock City Hotel, began experiencing financial see – sawing in 2021 and that was when, on March 12 2021, they reported themselves to Ghana Revenue Authority that, they would be making losses in that particular year and as a result, they would do debit adjustments, when they become financially worthy in few years to come and which they honored it on the 9th of March 2023, having submitted the full amount of Gh¢ 20, 782 to GRA . By then, the SSNIT had closed the podium for possible investment acquisitions for that 60% stake. Even, in their pre – qualifications criteria, it was unfolded amongst other things, valid SSNIT and GRA clearance certificates for firms registered in Ghana. If it wasn’t imperative for stern consideration, would they have entrenched it in their requirements ? Your political virulence is exposing your viridity steadily. Whatever you said pertaining to this, were outright fallacies.
2) No government official must be greenlighted to acquire State – owned resources. In fact, there is no law in Ghana, which bars and barricades any government official who is into investment not to associate himself/herself with the purchase of state – owned assets. You admitted that, you were working round the clock to introduce ‘ Private Members Bill ‘ to prevent legislators and government officials from buying state assets. You might think, you are accurate in that supposition. But, you shall mount detrimental effects on the advancement of this country in any case. Now, let me give you a scenario and a case study here ;
In China, they have introduced a policy known as ‘ A – shares ‘. A-shares are domestically listed shares of Chinese companies that, until very recently, have been available to Chinese investors only. A-shares can be further divided into three different classes – state-owned shares, legal person (corporate) shares and social (publicly owned) shares. State-owned shares have typically been held by the state-owned parent of a listed firm and controlled by the central or local governments (represented by local financial bureaus, state asset management companies or investment companies). Legal person A-shares are held by domestic institutions including industrial enterprises, non-bank financial institutions and technology and research institutes. Social shares are ordinary shares that are generally tradable on the stock exchanges and held mostly by individuals (including enterprise employees) and increasingly by private institutions.
Thus, the SSNIT denoted that, apart from heightening capital and nosing around for doyens to man the hotels, their ulterior reason for the sale of its stake was to manage investment risks to improve investment returns. At this point, they never conceived that, they were in privation or experiencing any losses, but it was a logical approach to preserve their annual returns and subsequently, broadening the magnitude of it, hence, bent on devoting its 60% shares on sale for prospective investors. Therefore, they laid down a foolproof springboard in that case. Rock City Hotel, which is one of the biggest hotel in Africa, with the impetus to enhance those assets and additionally makes them crowning, bade overwhelming amount to that effect.
Moreover, in the Chinese territory, they emanated another policy dubbed ‘ State Assets Supervision and Administration Commission (SASAC), predominantly to make more nutritious to the existing ‘ A – Shares ‘ policy. The establishment of the State Assets Supervision and Administration Commission (SASAC) in March 2003 served to consolidate a large number of previously diversified avenues for central government ownership of shares under a single umbrella. It also served as a mechanism for bringing a number of previously locally controlled SOEs under central government control.
An important factor in the increased listing of SOEs and increased liquidity of Chinese equities generally has been the rapidly increasing presence of institutional investors, both domestic and foreign, in the A-share market. The government pondered over the significance of collaborative impacts or systems. The hidden – truth is that, the growth of SOEs effortlessly plateau out due to the government’s focus on variegated tasks.
The structure of ownership also influences performance. It affects the motivations of managers in making decisions that have cost and benefit implications.
The ownership structure that has emerged in many Chinese-listed companies is unique. Large corporations that were wholly state-owned have been partially privatized during the transition, resulting in a mixed ownership structure with varying proportions of equity retained by the government, either directly or indirectly. This was also another substantiated rationale behind why SSNIT wanted to offload 60% stakes to investors.
In the communiquê released by Rock City Hotel, they made it unambiguous that, after their further checks, they have realized that, SSNIT were seeking strategic partners for those hotels and for that matter, they , through that letter have capitulated on their efforts to pursue those hotels. And with regards to SSNIT termination to proceed with the process any longer, it came forth after a mature reflection with its pensioners, contributors, and stakeholders and not merely from the menace of any individual ( s ). So, Okudzeto Ablakwa, kindly stop sauntering on the street of ignoramus with the belief that, you were the king – pin behind the nullification of the deal _ nip the vainglorious exhibitions in the bud !!
I also beseech you, Samuel Okudzeto Ablakwa to finger your flagbearer, John Mahama to the appropriate headquarters for the series of corruption acts, which besieges him, since you have expressed that, you would continue to brawl against corruption, even when in the unlikely event where your party comes into power.
By : Prof. Dinkum.
(The Buzzing Rapine of Erudition)
E – mail : dinkumchoice@gmail.com
