In a surprise move, Rock City Hotel has announced its withdrawal from a lucrative hotel investment deal with the Social Security and National Insurance Trust (SSNIT), citing unforeseen circumstances.
The proposed investment, had been met with widespread criticism and opposition from various stakeholders, including workers’ unions and civil society organizations. The deal had been hailed as a strategic partnership to develop a 5-star hotel in Accra, but opponents argued it was a misallocation of SSNIT’s resources.
According to sources close to the negotiations, Rock City Hotel cited “unresolved issues” and “unfavorable market conditions” as reasons for its withdrawal. The company’s management expressed disappointment but emphasized the need to prioritize its interests.
SSNIT officials have yet to comment on the development, but insiders suggest the trust is exploring alternative investment opportunities.
The collapse of the deal is seen as a victory for critics who had raised concerns about the investment’s viability and potential risks to SSNIT’s financial stability. The development also raises questions about the future of hotel investments in Ghana and the role of state-owned institutions in driving economic growth.
Stay tuned for further updates as this story continues to unfold.
source: kwame Asare
