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Franklin Cudjoe: Price agreed for 60% stake in SSNIT hotels fair

Franklin Cudjoe, IMANI Africa

Franklin Cudjoe, IMANI Africa

Franklin Cudjoe, president of IMANI Africa has said the investment plan proposed and the price agreed for the four Social Security and National Insurance Trust (SSNIT) hotels is fair.

The Trades Union Congress (TUC) has warned SSNIT to halt the reported sale of 60% of its stake in the four hotels to Rock City Hotel.

According to the TUC, these properties were for the citizens and SSNIT was only managing them, therefore, they would not allow SSNIT to sell them to just anyone, especially a Minister of State.

MP for North Tongu Samuel Okudzeto Ablakwa has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the divestiture of the four hotels raising issues of conflict of interest.

However, sharing his perspective on the development on Tuesday (21 May), Cudjoe said he will support any competitive divesture that brings more value and preserves Ghanaian management.

“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. I think the investment plan proposed and the price agreed for the four hotels is fair,” Cudjoe posted on Facebook.

Below is the full post:


Reporting by Fred Dzakpata in Accra

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