Leading hospitality firm, Rock City, has retracted its offer to acquire a 60% stake in four hotels owned by SSNIT, citing the "undue negativity" surrounding the deal.

In a letter to the SSNIT Director General dated July 12, Rock City mentioned the ongoing media discussions and the perceived lack of stakeholder engagement, which has fostered perceptions that "we don't want to be associated with our brand."

"Such negativity is not only injurious to our brand but also jeopardizes the success of the investment we intend to make in these hotels,” the statement reads in part.

Rock City had emerged as the preferred bidder after a competitive process involving 15 other organizations.

However, organized labor unions have fiercely rejected the sale, calling it "flawed" and "not in the interest of Ghanaian workers".

This prompted threats of an indefinite nationwide strike from July 15.

Read full statement below: