- SSNIT refutes allegations of deliberately devaluing its assets, made by former Chief Justice Sophia Akuffo.
- Akuffo's claims of asset mismanagement and devaluation are rejected by SSNIT.
- SSNIT took measures to improve hotel investments before deciding to sell shares, which has now been terminated.
- The Trust reaffirms its commitment to managing assets in a sustainable and responsible manner.
The Management of Social Security and National Insurance Trust (SSNIT) has refuted claims made by former Chief Justice Sophia Akuffo that the Trust deliberately ran down its assets.
Sophia Akuffo made these claims in an exclusive interview with TV3’s Alfred Ocansey on Thursday, July 25, stating that SSNIT’s actions were similar to those in the public sector, where properties are intentionally devalued for personal gain.
SSNIT responded to the claims in a statement issued on July 29, calling them “false” and stating that they undermine the integrity and confidence in the Pension Scheme.
The Trust asserted that Sophia Akuffo’s allegations are “misleading” and expressed disappointment, as SSNIT had initiated various measures to improve the performance of its hotel investments before deciding to sell part of its shares.
SSNIT noted that it restructured the ownership of the hotels, brought in private hotel management companies, made changes in management and the Board, provided financial support, and funded maintenance and capital expenditure to make the hotels more competitive.
Contrary to Sophia Akuffo’s claims, SSNIT stated that it took steps to improve the hotels’ performance before deciding to sell its shares, which has now been terminated. SSNIT reiterated its justification for selling its shares, citing low or negative returns, persistent losses, and a lack of dividends from the hotels.
The Trust assured pensioners, contributors, and the public of its commitment to managing the assets of the Trust in a manner that ensures the long-term sustainability of the Scheme. SSNIT’s response comes after the Trust announced the termination of the controversial sale of its shares in four hotels on July 12, following opposition from various stakeholders.
The sale had been met with resentment from the public, with North Tongu MP Samuel Okudzeto Ablakwa opposing the bid and labour unions speaking out against the move, prompting SSNIT to terminate the sale.
