IMANI Africa President Lauds SSNIT’s Decision to Divest Stake in Four Hotels


Franklin Cudjoe, President of IMANI Africa, has commended the Social Security and National Insurance Trust (SSNIT) for its decision to divest its stake in four hotels, deeming it a prudent course of action. Apexnewsgh reports

Mr. Cudjoe expressed his approval of SSNIT’s move to engage the private sector in co-investing in hotels owned entirely by the trust but facing operational inefficiencies.

Mr. Cudjoe contends that this approach will result in a more efficient allocation of resources, benefiting both SSNIT and the broader economy. He believes that divesting from these hotels will not only infuse liquidity into SSNIT’s operations but also curtail political interference in the management of these assets.

In a recent Facebook post, Cudjoe reiterated his endorsement of the initiative, stressing that the negotiated sale price for the four hotels is fair and equitable. He highlighted the potential advantages of SSNIT’s decision to involve the private sector in its hotel holdings, signaling a move towards greater operational efficiency and transparency in managing public assets.

However, North Tongu MP, Samuel Okudzeto Ablakwa, has lodged a formal petition with the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the processes surrounding the sale of six hotels. 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.

SSNIT clarified that the bids were successful for only four hotels and not the entire six as claimed by the MP. According to SSNIT, the strategy to partner with an investor to raise capital to invest in their hotels and assist in their management started as far back as 2018 through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act.

Source: Apexnewsgh.com

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