The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has denied claims by Freddy Blay, the former National Chairman of the New Patriotic Party (NPP), regarding a rejected bid from his son's company, Spartan Ives.

Blay asserted that SSNIT declined a $200 million offer from Spartan Ives to acquire a 60 percent stake in SSNIT's hotels.

Osafo-Maafo explained that Spartan Ives' technical proposal did not meet the required standards, falling short of the 50 percent threshold.

As a result, their financial proposal was not reviewed and was returned unopened, in accordance with legal protocols.

"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.

Blay had previously stated in a June 24, 2024 interview that his son's company, with substantial backing from a syndicate of banks and a reputable hotel chain, had bid for seven SSNIT hotels.

Despite these claims, SSNIT insists that Spartan Ives' offer was never formally assessed.

“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.

Furthermore, SSNIT revealed that negotiations to sell a 60 percent stake in four of its hotels to Rock City Hotel, owned by Food and Agriculture Minister Bryan Acheampong, have been suspended following instructions from the National Pensions Regulatory Authority (NPRA).