Franklin Cudjoe Backs Divestiture of Hotels By SSNIT
The President of IMANI Africa, Franklin Cudjoe has thrown his weight behind the decision by the Social Security and National Insurance Trust (SSNIT) to divest 60% of its stake in four hotels in its investment portfolio.
In a Facebook post, Cudjoe characterized the move as “sensible” to ensure proper management of these hotels and keep out political interference to make them profitable.
“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.”
Meanwhile, he said the proposed investment plan and the price agreed for the 4 hotels is fair.
According to SSNIT, the decision to divest 60% stake each in Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort is aimed at raising capital to invest and manage the hotels for efficiency, profitability and long-term sustainability of the SSNIT Pension Scheme.
