The Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has countered claims made by Freddy Blay, the former National Chairman of the New Patriotic Party (NPP).

Blay had alleged that SSNIT rejected a $200 million bid from his son's company, Spartan Ives, to acquire a 60 percent stake in SSNIT's hotels.

Osafo-Maafo clarified that Spartan Ives' proposal did not advance beyond the initial stage due to its technical proposal scoring below the required 50 percent threshold.

Consequently, the financial proposal was never evaluated and was returned unopened, adhering to legal procedures.

"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.

In a June 24, 2024 TV interview, Blay had stated that his son's company submitted a substantial bid for seven SSNIT hotels, which was backed by a syndicate of banks and a reputable hotel chain.

However, SSNIT maintains that Spartan Ives' offer was never formally considered.

“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.

Additionally, SSNIT announced that ongoing 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 paused following a directive from the National Pensions Regulatory Authority (NPRA).