SSNIT refutes Sophia Akuffo’s ‘create, loot and share’ claim

The Social Security and National Insurance Trust (SSNIT) has dismissed claims by former Chief Justice Sophia Akuffo, that they are deliberately collapsing state institutions to sell to cronies.

Speaking on Thursday, July 25, on the trust’s failed attempt to sell shares in four hotels, the former chief justice said the SSNIT management deliberately ran down its asset to the detriment of the masses.

The former chief justice also suggested a conflict of interest, in support of parties opposing the sale of majority stakes to a company owned by the Minister of Agriculture, Bryan Acheampong.

“SSNIT will justify it because they have run down the hotels and just like in the public sector, a lot of public properties have been run down just so that the value will be run down and always at the end of some cycle or the other, they do sweet heart deals and do this distribution among themselves. SSNIT can say I have defamed them but I don’t care,” She said.

But in a statement dated July 29, 2024, SSNIT said former Chief Justice Sophia Akuffo’s claim was false and undermined the integrity and confidence in the pension scheme.

“Contrary to the allegations, SSNIT put in various measures over the years to improve the performance of its hotel investments before deciding to sell parts of its shares to a strategic investor.

“As we have previously noted, although we have seen some improvement in the performance of the hotels, this has been far below what we require to finance growth and capital expenditure. Returns had been low or negative, and most of them had been making persistent losses and not paying dividends. Hence, the steps to bring in a strategic investor, which we have now terminated,” SSNIT said.

It will be recalled that the MP for North Tongu, Samuel Okudzeto Ablakwa, exposed the sale of the hotels owned by SSNIT to Dr Bryan Acheampong.

Documents in his possession indicated that SSNIT was on the verge of selling a majority 60 per cent stake in four of its hotels to Rock City Hotel Limited, a company reportedly by the Minister for Food and Agriculture.

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.

However, Rock City Hotel withdrew its bid to purchase 60 per cent shares of the four hotels following an indefinite nationwide strike declaration by organised labour.

Below is the statement from SSNIT