President Nana Addo Dankwa Akufo-Addo has expressed his satisfaction with the Social Security and National Insurance Trust’s (SSNIT) recent announcement of a GHS230 million surplus on its operations. He believes this surplus should bring relief to organised labour and put to rest the controversy surrounding SSNIT’s attempts to sell its hotels.
The President made this statement during a meeting with organised labour in Accra on Tuesday, August 20. He emphasized the importance of measured decision-making and pronouncements that affect the long-term interests of pensioners.
Recently, SSNIT faced criticism from former Chief Justice Sophia Akuffo, who accused the management of deliberately running down the hotels to sell them among themselves. However, SSNIT has denied these allegations, stating that they have taken steps to restructure the ownership of the hotels and bring in private hotel management companies.
SSNIT has reiterated its justification for attempting to sell its shares in the hotels, citing low returns and persistent losses. The Trust has assured pensioners, contributors, and the public of its commitment to managing its assets for long-term sustainability.
The controversy surrounding the sale of the hotels led to opposition from various stakeholders, including labour unions and the general public. SSNIT had announced the termination of the sale process on July 12, following a directive from the National Pensions Regulatory Authority (NPRA) to suspend negotiations.
The NPRA had initially directed SSNIT to suspend the sale, pending further evaluation and engagement. However, Employment and Labour Relations Minister Ignatius Baffour Awuah confirmed that the NPRA had given the go-ahead for the sale after SSNIT complied with all due processes.
Despite this, labour unions declared a nationwide strike, prompting SSNIT to terminate the controversial sale of its shares in the four hotels. President Akufo-Addo’s comments come amidst this backdrop, emphasizing the need for measured decision-making and pronouncements.
The President’s statement highlights the importance of transparency and accountability in managing public assets. The controversy surrounding SSNIT’s hotels has sparked a broader conversation about the management of public assets and the need for stakeholders to work together.
President Akufo-Addo’s comments underscore the significance of SSNIT’s surplus and the need for relief among organised labour. The controversy surrounding the sale of the hotels has brought attention to the importance of transparency and accountability in managing public assets.
