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 Your son’s bid was never opened – Osafo-Maafo to Freddy Blay

Osafo Maafo

The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo has denied claims by the former National Chairman of the New Patriotic Party (NPP), Freddy Blay that SSNIT rejected a 200 million dollar bid by his son’s company to buy a 60 per cent stake in its hotels. According to Mr Osafo-Maafo, the proposal by Spartan Ives did not make it through the first stage of the bid process. Updating the media on the operations of the State Pension Trust, the Director General explained that the envelope containing the financial proposal was not opened or assessed.

“The claim that has been made by Mr Freddy Blay that his son’s company, Spartan Ives bid 150 to 200 million dollars and SSNIT turned it down cannot be substantiated. “For the process, you first go through an evaluation panel and score. Once scored and you get past the pass mark we then assess your financial proposal. That is the process and that is what the law requires us to do.

“We did exactly that. Spartan Ives did not get past the evaluation stage. Their technical proposal was weak and they scored below the required 50% so their financial proposal was not even assessed. The envelope was not even opened. It was returned to them. That is what the law requires us to do.

“So to say that SSNIT received an offer of 150 to 200 million dollars and turned it down is not accurate because the offer was never made, the offer was never opened,” he stressed. The clarification follows a revelation by the Board Chairman of the Ghana National Petroleum Corporation (GNPC), Freddy Blay that his son was interested in buying SSNIT’s shares 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 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 ($).

“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. The former Chairman added, “SSNIT decided that they would rather not give it to my son’s company but give it to another company.” This allegation has however been refuted by SSNIT.

Meanwhile, SSNIT says the decision to sell off a 60 per cent stake in four of its hotels remains inconclusive. The Trust revealed that it has halted negotiations leading to the sale of a 60 per cent stake in its hotels to Rock City Hotel, which is owned by the Food and Agric Minister, Bryan Acheampong. This is in line with a directive from the National Pensions Regulatory Authority, NPRA, the institution added.


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