President Nana Addo Dankwa Akufo-Addo has described the controversy that surrounded the decision by the Social Security and National Insurance Trust (SSNIT) to sell its shares in some hotels as unnecessary.
Speaking at the 12th Quadrennial Delegates Congress of the Trades Union Congress (TUC), the president said SSNIT’s strong financial performance in its 2023 report should quell concerns about selling non-performing assets.
“Take note of the improved performance of SSNIT which recently announced a surplus of GHs 230million 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 load non-performing assets in its hotel portfolio.
“All of us need to be measured when it comes to making decisions of pronouncement that will affect the long-term interests of pensioners,” President Akufo-Addo.
He further urged organised labour to engage more with the government on their concerns instead of resorting to strikes.
The president’s remarks come after the failed attempts by SSNIT to sell its shares in four hotels to the MP for Abetifi, Dr Bryan Acheampong, who doubles as the Minister of Agriculture.
It will be recalled that organised labour declared an indefinite nationwide strike starting Monday, July 15, 2024, compelling SSNIT to suspend the sale to Dr Acheampong’s Rock City Hotel.
Later, the management of Rock City Hotel withdrew its bid to purchase 60 per cent shares of the four hotels belonging to SSNIT.
The MP for North Tongu, Samuel Okudzeto Ablakwa, exposed the sale of the hotels.
The hotels under scrutiny in the petition included Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
According to Mr Ablakwa, the sale of SSNIT’s shares in the hotels lacked due process and violated procurement procedures.