SSNIT terminates sale of 60% stake in hotels
13th July 2024
The Social Security and National Insurance Trust (SSNIT) has halted its intended sale of a 60% stake in four of its hotels to a private hotel owned by Ghana’s Minister of Food and Agriculture, Bryan Acheampong.
A statement from SSNIT issued just before midnight of Friday, July 12, came hours after the Minister’s firm, Rock City Hotel, also announced that it had pulled out of the transaction due to the massive opposition by stakeholders.
The brief statement signed by the Board Chair of SSNIT, Elizabeth Ohene, who had previously defended the deal, said the process has been terminated.
SSNIT assured pensioners, contributors and the public of “its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.”
A total shutdown of all public services is expected on Monday, July 15, after the Trade Union Congress (TUC) at an emergency meeting on Friday, July 12, called on all members to lay down their tools in protest of the transaction which had been approved by the National Pensions Regulatory Authority (NPRA).
The TUC call was heeded with alacrity as various unions in the health, education and other sectors also issued statements in support of the directive to start a strike action.
Despite Rock City Hotel’s announcement of the withdrawal of its bid, the unions including the Ghana Medical Association (GMA) and the National Association of Graduate Teachers (NAGRAT) insisted that until SSNIT comes clean on the way forward for the hotels, they were not going to back down on the strike threat.
According to them, Rock City pulling out was immaterial as long as the process could still go ahead to offload the shares to other interested parties.
Per the latest update from SSNIT, it is expected that organised labour may reconsider its decision on the intended shutdown of public services from Monday.