Former Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Dr. Daniel Seddoh has admonished the Social Security and National Insurance Trust (SSNIT) to hasten slowly in its attempt to sell some of its hotels.
There is currently an ongoing negotiation between SSNIT and Rock City Hotel for the sale of 60% of the stake in four hotels belonging to SSNIT.
The four hotels include Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
Many Ghanaians have raised concern about the pending sale of the hotels, raising alarm on conflict of interest with regards to the buyer, Rock City, owned by Minister for Food and Agriculture, Bryan Acheampong.
Sharing his thoughts on the matter on Joy FM, Dr. Daniel Seddoh has advised SSNIT not to rush into selling the hotels.
He argued that the hotels will appreciate in the future to bring in more money, adding that once there are no cash-in-flow issues, SSNIT must reconsider selling.
“These property values would appreciate going into the future. You don't sell something that would appreciate [in value]. Really, why would you sell a hotel business? If there is a business that you can run and make a profit, why would you be eager to sell? And in any case, you are running a pensions scheme, end-of-month contributors will make their contribution, won’t they? So the cash flow is there.
“So why the rush? What is chasing somebody? Is there a lot more we don't know? If they don’t genuinely have cash flow issues, then SSNIT should take its time. They should look for people with skill sets that can help those assets make money and have funds to pay pensioners,” Dr. Daniel Seddoh said.
The former CEO of National Pensions Regulatory Authority further called for a reform for SSNIT.
According to him, the reform is critical so that SSNIT can serve the purpose of a social scheme.
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