The University Teachers Association of Ghana (UTAG) has called for a complete overhaul of the Social Security and National Insurance Trust (SSNIT) board.
The association is convinced there is a need for a fresh leadership and a reset of priorities to ensure responsible management of pension funds.
“Those in positions of power within SSNIT must step down to allow new people with a better appreciation of the enormity of the responsibility of managing pension funds to take over and restore public trust and ensure that such actions are not repeated in the future,” UTAG stated in their statement.
According to the association, the current board and top management have exhibited egregious judgment and a profound lack of corporate governance expertise, thereby rendering their continued tenure untenable.
“Their initial decision to proceed with this transaction, despite widespread public outcry, indicates a disregard for the sentiments and welfare of the broader populace.
“This action has undermined confidence in the board and management’s capacity to manage our pension funds and assets prudently and transparently.”
The call comes after a sustained protest against the intended sale of SSNIT’s 60 per cent shares in four hotels to a private hotel owned by the Minister of Food and Agriculture, Bryan Acheampong.
UTAG also backed the call by organised labour for a nationwide strike action against SSNIT.
“In light of the declaration of a nationwide strike by Organized Labour on 12th July 2024, the University Teachers Association of Ghana (UTAG) unequivocally supports the action,” the statement said.
SSNIT has since halted the sale of 60 per cent of its stake in four hotels.