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The difficulties surrounding the sale of 60% of the four hotels held by the Social Security National Insurance Trust (SSNIT) to Bryan Acheampong, the Agricultural Minister,’s Rock City Hotels, have been deemed unnecessary by President Nana Addo Dankwa Akufo-Addo.
In making the announcement on SSNIT assets, the President pleaded with Ghanaians to exercise caution.
He was giving a speech on Tuesday at the Trades Union Congress’s (TUC) 12th quadrennial delegates conference.
SSNIT was diligently working to guarantee that they gained money as the trust extended its boundaries, according to President Akufo-Addo.
“The improved performance of SSNIT which recently in all successes [led to] GHC230m on its operations. This should be reassuring to organised labour and perhaps bring into sharper relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio.”
“It is my understanding that the transaction that was aborted represented the only occasion in the recent history of SSNIT that external investors sought to invest in SSNIT holdings.
“All of us need to be measured when it comes to making decisions and pronouncements that would affect the long-term interests of pensioners,” he stated.
Significant opposition to the plan to sell off the SSNIT hotels was generated, most notably by Samuel Okudzeto Ablakwa, the MP for North Tongu, and organized labor, who saw the sale as a distressed transaction to a government appointee.
A national demonstration and demands for a change in SSNIT’s board members followed. After Organized Labour threatened to go on a national strike, the plan was later abandoned.
Source: Ghanatodayonline.com
