President Akufo-Addo slams SSNIT hotels sale controversy as ‘needless’
President Akufo-Addo has characterized the controversy surrounding the sale of hotels owned by the Social Security and National Insurance Trust (SSNIT) to the Agriculture Minister Bryan Acheampong’s Rock City Hotels, as unnecessary.
On July 12, Rock City Hotel withdrew its proposal to acquire a 60% stake in four SSNIT-owned hotels.
This decision came in response to threats of a nationwide strike planned for July 15 by Organized Labour, who opposed the sale of the company.
The North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, alongside Organized Labour, led protests against what they perceived as a distressing and inappropriate sale of the hotels, including one that was reportedly profitable, to a government official.
Following these events, Organized Labour announced intentions to reform the representation within SSNIT, which holds shares in these hotels.
But addressing the issue at the 12th Quadrennial Delegates Congress of the Trades Union Congress (TUC), President Akufo-Addo expressed that the dispute over the sale was unwarranted.
“I take note in particular of the improved performance of SSNIT which recently announced a surplus of 230 million cedis on its operation. This should be reassuring to Organised Labour and perhaps bring into sharp relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload none performing assets in its hotel portfolio.
“It is my understanding that the transaction that was aborted represented the only occasion in recent history of SSNIT that external investors sort to invest in SSNIT’s holdings.
“All of us need to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners,” he added.
The President countered claims of mismanagement within SSNIT, highlighting that the institution had recently achieved profits exceeding GH₵230 million, demonstrating its financial gains and effective management.
“Active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to 2 million as of April 2024. The National Pensions Regulatory Authority has expanded its zonal offices from 2 in 2016 to 6 thereby enhancing visibility and bringing its services closer to the people.
“Coverage of pension in the informal sector also increased from ninety-one thousand two hundred and fifty-three in 2016 to eight hundred and seventeen thousand four hundred and forty-four currently.
“Total assets under management have grown from 15.7 billion cedis in December 2016 to 71.6 billion cedis in March 2024,” he stressed
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