Leading hospitality firm Rock City has withdrawn its bid to purchase 60% of shares in four SSNIT-owned hotels, citing the "undue negativity" surrounding the transaction.

In a letter addressed to the SSNIT Director General dated July 12, Rock City said it took note of ongoing media discussions and a perceived lack of stakeholder engagement, which has created the perception that "we don't want to be associated with our brand."

"Such negativity is not only injurious to our brand but also jeopardises 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 organisations.

However, organised labour 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 on July 15.