The Trade Union Congress (TUC) has issued a strong warning to the Social Security and National Insurance Trust (SSNIT) to immediately halt the alleged sale of 60% of its stake in four hotels to Rock City Hotel, owned by MP and Minister for Agriculture Bryan Acheampong, citing concerns over potential conflict of interest and impropriety.
The Union argued that these properties, held in trust for the citizens, are not SSNIT’s to sell, and they will not permit their transfer to a government minister or any other individual.
Accordingly, the Union emphasized that SSNIT’s role is to manage these assets for the benefit of the people, not to divest them for personal gain.
At a press conference on Monday, May 20, Dr. Isaac Bampoe Addo, Head of the Civil and Local Government Staff Association, Ghana (CLOGSAG), denounced SSNIT for flouting multiple investment guidelines.
As such, he vowed that the Union will persist in its efforts to halt the controversial sale, vowing not to back down until the process is stopped.
“We want the government to know that these funds are not government funds. These funds are pension funds and pensions are guided by Act 766. We have investment guidelines under Act 766 and clearly, these guidelines have not been followed”.
Dr. Isaac Bampoe Addo
Furthermore, Dr. Addo cautioned the government that the Union will not tolerate any manipulation or mismanagement of pensioners’ funds, warning that they will not be allowed to play ‘chaskele’ with the hard-earned savings of retirees.
As such, he cautioned that if the government dares to ignore the Union’s demands, it will face a strike like no other, which will be etched in the records of Ghana’s history as the most impactful and uncompromising industrial action ever witnessed.
Moreover, Dr. Yaw Baah, Secretary-General of the Trades Union Congress (TUC), raised a pertinent question, wondering how SSNIT could justify bundling its stakes in six hotels and selling them off as if all were struggling financially, when in fact some were profitable
“We find it difficult to understand why the original proposal of the sale of SSNIT’s interest in six hotels has been reduced to four. We hold the view that this renders the whole process null and void”.
Dr. Yaw Baah
According to Dr. Baah, the Union has observed that the proposed payment terms have been altered, diverging from the initial agreement outlined in the Memorandum of Understanding (MoU) and disregarding the suggested recommendations.
TUC Questions Sale Of Shares To Politicians
Meanwhile, Dr. Baah also wondered why the shares would be sold to a politician, Mr. Bryan Acheampong, a decision that the TUC finds difficult to comprehend.
“We also find it difficult to understand why SSNIT’s interest in these hotels should be sold to a company owned by a Minister of State. We do not think this is right”.
Dr. Yaw Baah
Consequently, the Union urged the Minister responsible for pensions to intervene and instruct the SSNIT board of trustees to halt the process immediately, warning that organized labor will be forced to explore alternative actions if this demand is not met.
Also, Dr. Yaw Baah, Secretary-General of the Trades Union Congress (TUC), disclosed that they had previously expressed strong objections to the deal, but it seems the Trust is determined to push forward with the plan despite their concerns.
Dr. Baah reiterated that the union is steadfastly opposed to the sale of state properties to a government minister, reiterating their stance against such a conflict of interest.
“This smacks of state capture. If the Employment Minister fails to stop the process, we workers will stop the process”. – Dr. Yaw Baah
The sale was exposed after NDC MP Samuel Okudzeto Ablakwa sounded the alarm. He has since petitioned CHRAJ to investigate allegations of conflict of interest, abuse of power, and procurement breaches, among others.
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