My son proposed $150m to $200m for SSNIT hotels but his offer wasn’t accepted – Freddie Blay
Former National Chairman of the New Patriotic Party (NPP), Freddie Blay, has confirmed reports that his son had expressed interest in purchasing shares of hotels owned by the Social Security and National Insurance Trust (SSNIT) in 2022.
In an interview on TV3 on June 24, 2024, Blay disclosed that his son, a prominent figure in the tourism sector, submitted a bid of not less than 200 million for approximately 7 SSNIT hotels, although his bid was ultimately rejected.
While Mr Blay did not specify the currency of his son’s bid, it was widely reported to be in United States dollars ($).
Mr Blay, who currently chairs the Board of the Ghana National Petroleum Company (GNPC), made these remarks while refuting accusations of state capture by his son, Kwame Blay, who was alleged to have improperly acquired 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.
He further explained, “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”.
Responding to this revelation, Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, argued that Mr Blay’s disclosure undermines claims that the majority shares of four SSNIT hotels were sold to Rock City Hotel Limited, owned by Minister for Food and Agriculture, Bryan Acheampong, who reportedly bid US$61 million.
“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.
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