By Franklin Cudjoe, President of IMANI Africa, has praised the decision by the Social Security and National Insurance Trust (SSNIT) to divest its stake in six hotels, characterizing it as a prudent move.
Mr. Cudjoe expressed approval of SSNIT’s initiative to seek private sector participation or co-investment in its wholly owned, yet inefficiently operating hotels.
He believes this strategy will result in more effective resource utilization.
In his assessment, this decision will not only inject liquidity into SSNIT’s operations but also reduce political interference in managing these brick-and-mortar businesses.
Taking to Facebook on Tuesday, May 21, Mr. Cudjoe reiterated his support for the move, emphasizing that the agreed-upon price for selling the four hotels is fair and reasonable.
“I think it is sensible for a state behemoth such as SSNIT, eternally abused by past and present politicians, to scale down its real estate business, which has never been profitable.”
“Similarly, SSNIT should seek private sector participation (co-investment) in wholly-owned hotels which are all not running efficiently. Not only will that free up some liquidity, but it will also amputate the long arm of the politicians, which tend to reach into the brick and mortar businesses over which SSNIT has control. That said, I will support any competitive divestiture that brings on board more money, technology, skills and preserves Ghanaian management.”
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“I think the investment plan proposed and the price agreed for the 4 hotels is fair,” he stated.
Mr. Cudjoe’s comment follows a formal petition lodged by North Tongu MP Samuel Okudzeto Ablakwa, requesting that the Commission on Human Rights and Administrative Justice (CHRAJ) investigate the processes surrounding the sale of shares in six hotels.
The hotels mentioned in the petition include Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
However, SSNIT clarified that the bids were successful for only four hotels, not the entire six as claimed by the MP.
Mr. Ablakwa’s petition calls for an investigation into various allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.
Mr. Ablakwa’s petition underscores his concerns regarding what he perceives as infringements upon constitutional provisions, specifically referencing Articles 78(3) and 98(2) of the 1992 Constitution. He asserts that these actions constitute substantial deviations from both legal and ethical norms.
Moreover, in a recent Facebook post on May 17, Mr. Ablakwa contended that Bryan Acheampong’s purported participation in the hotel sale without the Speaker of Parliament’s authorization violates parliamentary protocol concerning holding offices of profit.
This, according to Mr Ablakwa, is a serious violation that requires thorough investigation and accountability.
“In my petition, I am inviting CHRAJ to investigate grave matters bordering on conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.”
“I have also drawn attention to blatant violations of Article 78(3) and 98(2) of the 1992 Constitution as diligent checks from Parliament’s Committee on Office of Profit reveal that Hon. Bryan Acheampong has not applied and does not have the permission of the Speaker of Parliament to hold an office of profit,” he said.
However, as per SSNIT’s statement, the initiative to collaborate with an investor to secure capital for hotel investments and provide managerial support traces back to 2018, initiated through International Competitive Tendering (ICT) processes in accordance with the Public Procurement Act.
