The Director of Policy and Research at the Trades Union Congress (TUC), Dr. Kwabena Nyarko Otoo, has condemned the Social Security and National Insurance Trust (SSNIT) for its attempted sale of a 60% stake in four hotels to Rock City. In an interview on Channel One TV, Dr. Otoo described SSNIT’s approach as “lazy” and questioned the reasons behind the underperformance of certain hotels, such as La Palm Royal Beach Hotel, compared to the success of others like Kempinski.
Dr. Otoo emphasized that SSNIT should investigate the causes of the hotels’ struggles and manage pension funds more prudently. He stressed that the hotels should not be sold and advocated for measures to ensure their viability.
“We do not expect SSNIT to attempt to sell the four hotels to Rock City Hotel or any other investor. The process was problematic, and the fact that it was bought by a Minister of State raises concerns. While it may be legal, it is not morally right for those in government to purchase our assets,” Dr. Otoo said.
He added, “If we agree that the investments were not doing well, the proper course of action is to investigate why. We know that Kempinski and other hotels, both large and small, are thriving.”
Organized Labour had threatened to strike on Monday, July 15, 2024, but called off the strike after SSNIT terminated the sale process. However, they directed their members to resume work and demanded proper engagement with the government, warning of further action if their demands are not met.
