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Price Agreed for Sale of 4 SSNIT Hotels, Fair and Sensible – Franklin Cudjoe


President of IMANI Africa, Franklin Cudjoe, has hailed the decision by the Social Security and National Insurance Trust (SSNIT) to divest its stake in six hotels, describing it as a wise move.

Mr Cudjoe expressed his approval of SSNIT’s initiative to seek private sector participation or co-investment in hotels that the company wholly owns but which are not operating efficiently.

He believes this strategy will lead to more effective use of resources.

According to him, this decision will not only inject liquidity into SSNIT’s operations but also reduce political interference in the management of these brick-and-mortar companies.

On Tuesday, May 21, Mr Cudjoe reiterated his support for the move on Facebook, stressing that the agreed price for the sale of the four hotels is fair and reasonable.

“I think it is wise for a state-owned giant like SSNIT, which has been forever abused by politicians past and present, to wind down its real estate activities, which have never been profitable.”

“Similarly, SSNIT should seek private sector participation (co-investment) in wholly owned hotels, all of which are not running efficiently. Not only will that free up some liquidity, but it will also amputate the long arm of the politicians, who tend to That said, I will support any competitive divestment that brings on board more money, technology and skills and puts Ghanaian management into holds.’

“I think the proposed investment plan and the agreed price for the four hotels are reasonable,” he stated.

Mr Cudjoe’s comment follows a formal petition filed by Northern Tongu MP Samuel Okudzeto Ablakwa asking the Commission for Human Rights and Administrative Justice (CHRAJ) to investigate the processes surrounding the sale of shares in the six hotels.

The hotels mentioned in the petition are 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 only for four hotels and not for the entire six as the MP claimed.

Mr Ablakwa’s petition calls for an investigation into several allegations, including conflict of interest, abuse of power, lack of due process, procurement violations, cronyism and bribery.

In his petition, Mr Ablakwa highlights what he considers to be violations of constitutional provisions, specifically citing Articles 78 (3) and 98 (2) of the 1992 Constitution. He claims that these actions represent significant violations of legal and ethical standards.

Furthermore, in a Facebook post on Friday, May 17, Mr Ablakwa argued that Bryan Acheampong’s alleged involvement in the hotel sale without the consent of the Speaker of Parliament constitutes a breach of parliamentary protocol regarding the practice of profit offices.

According to Mr Ablakwa, this is a serious violation that requires thorough investigation and accountability.

“In my petition, I invite CHRAJ to investigate serious cases bordering on conflicts of interest, abuse of power, lack of due process, procurement violations, cronyism and bribery.”

“I have also drawn attention to blatant breaches of Articles 78(3) and 98(2) of the 1992 Constitution as careful checks by the Committee on Parliament’s Profit Bureau reveal that Mr Bryan Acheampong has not registered and does not have the permission of the Speaker of Parliament to hold a position for profit,” he said.

According to SSNIT, the strategy of partnering with an investor to raise capital to invest in their hotels and also assist in their management started as early as 2018 through International Competitive Tendering (ICT) processes, as prescribed by the Law on Public Procurements. .

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