In a firm stance against the proposed sale of the Social Security and National Insurance Trust (SSNIT) shares in four major hotels, Organised Labour has issued a press statement reiterating its well-known opposition to the move, declaring it contrary to the best interests of Ghanaian workers.
The statement underscores the steadfast position of Organised Labour against the sale of SSNIT’s shares, emphasizing that such a transaction is detrimental to the welfare of Ghanaian workers. Organised Labour has declared a complete halt of work activities across the nation unless SSNIT publicly announces the cessation of the sale proceedings.
“We, therefore, demand that SSNIT terminates the process immediately. From Monday, 15th July 2024, all workers in Ghana must not go to work until SSNIT publicly announces the termination of the process for the sale of its shares in the hotels.”
Organised Labour
The controversy surrounding the sale of 60% of SSNIT’s stake in the hotels has drawn significant attention, especially following a critical meeting between the Organised Labour leadership and the President of Ghana on June 25, 2024, at the Jubilee House. This meeting was pivotal in bringing the issue to the forefront of national discourse.
On June 28, 2024, the National Pensions Regulatory Authority (NPRA) issued a directive to SSNIT to suspend negotiations with Rock City Hotel Ltd. This directive, however, appeared to be overturned just two weeks later, causing confusion and dissatisfaction among stakeholders.
Strategic Decision Justification
The matter was further elaborated during a parliamentary session on July 11, 2024, where Employment Minister Ignatius Baffour Awuah clarified that all necessary procedures had been meticulously followed. He asserted that the initial NPRA directive was not an outright halt but a request for comprehensive information, which SSNIT had since provided.
“Yes, NPRA indeed issued a directive, but I would appreciate it if my colleague read the directive carefully. It stated that NPRA needed all information related to the sale of the hotels, which SSNIT has since provided.”
Employment Minister Ignatius Baffour Awuah
Minister Awuah defended the decision to proceed with the sale, highlighting it as a strategic move by SSNIT. He explained that multiple restructuring attempts of the hotels had failed to yield satisfactory results, prompting the decision to sell a majority stake as a means to inject private participation and prevent further resource depletion.
“SSNIT considered the sale of shares in its hotel investment portfolio a strategic decision after multiple restructuring attempts proved insufficient. Selling 60-70% of its shares was deemed the most viable solution to prevent further depletion of resources and to bring in private participation.”
Employment Minister Ignatius Baffour Awuah
Despite these justifications, Organised Labour remains resolute in its opposition. The press statement outlines the collective dissatisfaction and concern over the potential implications of the sale on workers’ welfare and national interest. The call for a nationwide strike underscores the gravity of the situation and the unwavering stance of Organised Labour.
As the deadline for SSNIT’s public announcement looms, the nation waits in anticipation of the outcome. The proposed sale of SSNIT’s shares in the hotels has become a contentious issue, stirring debates on economic strategy, workers’ rights, and national interest.
The planned nationwide strike by Organised Labour highlights the critical nature of this dispute and its potential impact on the country’s workforce.
The next few days will be crucial in determining the direction of this conflict. Should SSNIT fail to announce the termination of the sale process, Ghana may witness a significant halt in work activities as workers across the nation heed Organised Labour’s call to strike.
The unfolding events will undoubtedly shape the future of SSNIT’s investment strategies and the broader discourse on workers’ rights in Ghana.
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