Dr Sharif Mahmud Khalid, Assistant Professor of Accounting and Financial Management at the University of Sheffield Management has criticized Elizabeth Ohene, the Board Chair of the Social Security and National Insurance Trust (SSNIT) over her recent defence of the sale of SSNIT’s 60% stake in its five hotels to Rock City Hotel.
The member of the National Democratic Congress (NDC) Economy and Finance Committee, in a scathing critique of Mrs Elizabeth’s recent article defending the SSNIT hotel sales, raised serious concerns about the transparency and ethical management of the SSNIT hotel sales.
Dr Khalid further highlighted significant issues regarding the handling of the sale, the role of political figures, and the broader implications for the management of Ghana’s national pension funds.
Questionable Comparisons and Partisan Undertones
Dr Khalid began by addressing Mrs Ohene’s comparison of the SSNIT hotel sales to the world’s largest pension fund, Japan’s $1.4 trillion Government Pension Investment Fund.
He criticized Mrs Ohene for what he perceives as partisan undertones in her writing, arguing that such an approach undermines the principles of responsible investment that should be the cornerstone of national pension management.
Acknowledging Mrs Ohene’s influence in generating media headlines, Dr Khalid underscored the importance of her role as a steward of the National Pension Pot.
“Your comparison of the blood, sweat, and tears of pensioners to Ian Smith and Rhodesia, in an attempt to criticize a military regime, was inappropriate and overshadowed the national shame you intended to highlight. It would have been better left unwritten. It’s noteworthy that some media outlets describe you as ‘the respected stateswoman and veteran international journalist’. We leave that to the jury of your writing club of the last 7 years or so”.
Dr Sharif Mahmud Khalid, Assistant Professor of Accounting and Financial Management at the University of Sheffield Management and Member of the NDC Economy and Finance Committee
He criticized Mrs Ohene’s admission of not closely following discussions regarding the sale of investments worth millions of dollars, viewing it as a tacit admission of failure.
Dr Khalid also denounced Mrs Ohene’s characterization of the resistance to the SSNIT hotel sale as merely ‘ideological,’ emphasizing that the concerns raised are rooted in ethics, principles, transparency, and meritocracy.
“This issue is more about ethics, principles, transparency, and meritocracy than ideology. It’s time to move beyond your obsession with President Rawlings. Hello! It is the Hon Ablakwa here not President Rawlings”.
Dr Sharif Mahmud Khalid, Assistant Professor of Accounting and Financial Management at the University of Sheffield Management and Member of the NDC Economy and Finance Committee
Allegations of Insider Information and Ethical Concerns
Furthermore, the member of the National Democratic Congress (NDC) Economy and Finance Committee raised specific concerns about the selection of Rock City as the Preferred Bidder.
He questioned the proximity of their bids to SSNIT’s targeted amounts and suggested the possibility of insider information.
He also questioned whether Mrs Elizabeth Ohene as Board Chair of SSSNIT reviewed the Minister’s asset declaration form and the financing of the acquisition, particularly in light of the volatile nature of the hospitality industry.
Political Implications and Ethical Responsibilities
Addressing Mrs Elizabeth Ohene’s assertion that the public outcry is politically motivated due to the election year, Dr Khalid argued that reducing the matter to political colouration ignores the ethical concerns involved.
He questioned the involvement of a sitting Minister in the transaction and highlighted the significance of the details exposed by Honorable Samuel Okudzeto Ablakwa.
“Your statement, ‘I accept that this being an election year, everything takes on a political coloration and Bryan Acheampong being the owner of Rock City is obviously the main reason the decibel level of the discussions has gone so high’, is flawed. Why reduce such an important public interest matter to election-year political colouration?”.
Dr Sharif Mahmud Khalid, Assistant Professor of Accounting and Financial Management at the University of Sheffield Management and Member of the NDC Economy and Finance Committee
The Assistant Professor of Accounting and Financial Management at the University of Sheffield Management in addition challenged Mrs Elizabeth Ohene’s reliance on the alleged apparent silence of the Public Accounts Committee as an endorsement of the transaction’s legitimacy.
He questioned whether Mrs Elizabeth Ohene was briefed about the Legacy Group, a South African property management firm with a significant track record, which managed the Labadi Beach Hotel.
“Penning articles from London during your exile days might have been a thrilling exercise in criticism, but the current context demands a more responsible approach. Demonstrations might seem appealing, but it’s the depth of governance and ethical responsibility that truly matters”.
Dr Sharif Mahmud Khalid, Assistant Professor of Accounting and Financial Management at the University of Sheffield Management and Member of the NDC Economy and Finance Committee
Dr Khalid underscored the critical need for deeper understanding, greater transparency, accountability, and responsible governance in managing national assets such as SSNIT’s assets.
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