SSNIT Terminates Sale Of 60% Stake In 4 Hotels After Organized Labor Threatened Demo
The Social Security and National Insurance Trust (SSNIT) has suspended its plan to sell a 60% stake in four of its hotels to Rock City Hotel, a private entity owned by Ghana’s Minister of Food and Agriculture, Bryan Acheampong. The decision follows significant backlash from stakeholders and a potential nationwide strike called by the Trade Union Congress (TUC).
In a late-night statement on Friday, July 12, SSNIT’s Board Chair, Elizabeth Ohene, announced the termination of the sale process. This decision came just hours after Rock City Hotel also declared its withdrawal from the transaction due to the widespread opposition.
SSNIT’s statement assured pensioners, contributors, and the public of its commitment to prudently managing the Trust’s affairs to ensure the sustainability of the pension scheme.
The controversy over the sale had escalated, prompting the TUC to call for an emergency meeting on Friday, July 12. The TUC subsequently urged all its members to cease work on Monday, July 15, in protest of the transaction, which had been approved by the National Pensions Regulatory Authority (NPRA).
Various unions, including the Ghana Medical Association (GMA) and the National Association of Graduate Teachers (NAGRAT), quickly supported the TUC’s directive, preparing for a strike despite the withdrawal of Rock City Hotel’s bid. The unions demanded transparency from SSNIT regarding the future of the hotels, stating that the withdrawal of Rock City was not enough to alleviate their concerns, as the shares could still be sold to other interested parties.
With SSNIT’s latest announcement, there is anticipation that organized labor may reconsider the planned shutdown of public services on Monday. However, the unions’ insistence on clarity from SSNIT suggests that the situation remains delicate and requires careful management to prevent further disruptions.
As the nation awaits further developments, the potential strike underscores the critical need for transparency and trust in the management of public assets and the importance of stakeholder engagement in such significant decisions.