IMANI Africa’s President, Franklin Cudjoe, has commented on the contentious sale of hotels by the Social Security and National Insurance Trust (SSNIT), defending the trust’s choice and pressing opponents to offer substitutes.
To the company of Dr. Bryan Acheampong, Rock City Hotel Limited, SSNIT is currently selling its stakes in a number of hotels, including the Labadi Beach Hotel and the Elmina Beach Resort. Some have opposed the sale, with many raising concerns about the transaction’s transparency and financial value.
On June 22, however, Mr. Cudjoe contended in a Facebook post that SSNIT had done nothing improper in selling its assets, adding that “those who disagree should suggest alternative sale values.”
He also dismissed allegations of corruption against Mr. Acheampong, saying “I am yet to hear any concrete proof that Bryan Acheampong stole public money to engage in any business”.
Mr. Cudjoe has long been an advocate for private sector-led economic growth and has consistently opposed government involvement in commercial enterprises.
His stance on the SSNIT hotels sale is in line with his belief that state-owned enterprises should focus on their core mandates rather than venturing into commercial activities.
Background
The sale of SSNIT’s 60=stake in hotels has been a subject of controversy in recent weeks, with many questioning the transparency of the deal and the value for money received.
The trust has defended the sale, stating that it was done through a competitive bidding process and that the proceeds will be used to improve its core services.
However, opposition parties, headed by Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu and some civil society organizations have called for the deal to be investigated, alleging that the sale was undervalued and that Mr. Acheampong’s company was unfairly favored.
Meanwhile, Okudzeto Ablakwa has announced plans to stage another protest against sale of four SSNIT hotels to Rock City Hotel Limited owned by Agriculture Minister, Bryan Acheampong in Cape Coast in the coming days.
