President of IMANI Africa, has lauded the Social Security and National Insurance Trust (SSNIT) for engaging the private sector to co-invest in the hotels, which are currently wholly owned by the trust but struggling with operational inefficiencies.
He argued that this strategy would lead to a more efficient allocation of resources, benefiting both SSNIT and the broader economy.
According to Mr. Cudjoe, divesting these hotels would not only provide liquidity to SSNIT’s operations but also reduce political interference in the management of these assets.
In a recent Facebook post on Tuesday, May 21, he reiterated his support for the initiative, emphasizing that the negotiated sale price for the four hotels is fair and reasonable.
Mr. Cudjoe highlighted the potential benefits of SSNIT’s decision to involve the private sector in its hotel holdings, indicating a move towards greater operational efficiency and transparency in managing public assets.
“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, who 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, and skills and preserves Ghanaian management.”
“I think the investment plan proposed and the price agreed for the 4 hotels are fair,” he stated.
Mr. Cudjoe’s comments come after North Tongu MP, Samuel Okudzeto Ablakwa, formally petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the sale processes of six hotels.
The petition identifies 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 only four of the hotels had successful bids, contrary to the MP’s claim of six.
Mr. Ablakwa’s petition calls for an investigation into various allegations, including conflicts of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.
In his petition, Mr. Ablakwa highlights what he perceives as constitutional violations, specifically citing Articles 78(3) and 98(2) of the 1992 Constitution. He contends these actions represent significant breaches of legal and ethical standards.
Additionally, in a Facebook post on Friday, May 17, Mr. Ablakwa argued that Bryan Acheampong’s alleged involvement in the hotel sale without the Speaker of Parliament’s permission constitutes a breach of parliamentary protocol regarding holding offices of profit.
According to Mr. Ablakwa, this is a serious violation that warrants 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.