Increasing pressure on SSNIT management and board to resign following hotel sale debacle

There is growing pressure for the current board members and management of the Social Security and National Insurance Trust (SSNIT) to either resign or be dissolved following the recently terminated attempt to sell off some hotels owned by the state agency.

In a statement dated July 12, 2024, SSNIT said it has ceased the sale process, which intended to transfer 60% of the state-owned insurance company’s stake in the four hotels to a private investor.

However, the public disapproval of the deal, which compelled SSNIT to announce the termination, has not ceased as calls are now being made for the board and management of SSNIT, led by Madam Elizabeth Ohene and Kofi Bosompem Osafo-Maafo, respectively, to be dissolved.

The University Teachers Association of Ghana (UTAG), in a statement issued on Saturday, June 13, 2024, called for the immediate dissolution of the board of SSNIT and the resignation of top management members.

According to UTAG, SSNIT’s initial disregard of public outcry against going ahead with the sale of the four hotels undermines public trust in their ability to manage funds transparently and prudently.

In the same vein, the Technical University Teachers’ Association of Ghana (TUTAG) is demanding the total dissolution of SSNIT’s board to allow competent individuals to manage their pensions.

“It is the view of members of TUTAG that it is insufficient for SSNIT to merely discontinue the process of selling its 60% shares in the four hotels. We believe that in order to move forward in the right direction on this matter, it would be appropriate for the board to be totally dissolved to allow for more competent individuals who are committed to managing the affairs of our pensions to take over, with labour unions constituting the majority,” TUTAG pointed out.

TUTAG also demands an explanation from the board and management of the National Pensions Regulatory Authority (NPRA) regarding their sudden reversal of halting the process.

“We also demand an explanation from the Board and Management of the National Pensions Regulatory Authority (NPRA) on how they initially disapproved and then miraculously approved such an unfortunate sale within a two-week period after halting the process.”

Several critical voices, including lawyer and human rights activist Martin Kpebu, have also made the call.

“The Board has to go, Osafo-Maafo has to go,” the private legal practitioner said on the Key Points on TV3 on Saturday, July 13.

Similar sentiments are being shared by members of the public across various social media platforms.

Ahead of SSNIT’s statement on Friday, the umbrella body of labour unions, Organised Labour, announced a strike on Monday, July 15, 2024, in protest of the sale.

Read some of the social media comments below:

On this note, the following ,

1. Board Chair and members of the board

2. Director General and his deputies 3. Tender Committee members of SSNIT must resign or we force them out office, they are redundant and bereft of new ideas to run the Pensioner fund.

— Emmanuel Bedzrah, MP (@ekbedzrah) July 14, 2024

The directors and board of SSNIT must also resign or be sacked

Else dey run de hotels down and come back to tell us “I told u so”

— 😎 (@Bra_A001) July 13, 2024

The Board of SSNIT and Management, The Board of NPRA and Management and the Management of all the Hotels in Question must resign, organized labor must push for this before they rescind their decision. @gyaigyimii @benkoku @Nuetey @hughes_onair @garyalsmith @TucGhana @Fentuo_

— Kobby K 👌👌 (@NestaKobby) July 12, 2024

Oh so this is the woman heading the SSNIT? She’s lost every bit of her credibility. The entire board must resign. https://t.co/tQ6RlggjI5

— شُعـــــــيْب (@tangdeboy) July 13, 2024

The strike should continue, everyone on the SSNIT board should be made to resign and the MD sacked https://t.co/T3Amwuhubg

— Fearless (@EzequielCedi) July 13, 2024

Every single person on the SSNIT Board must resign, investigated and prosecuted if possible ! #The_Nonsense_Must_Stop Now

— Ivan Kyei Innocent (@Ivan_Kyeiinnoc) July 13, 2024

Kudos to Organized Labour for their stance against the day light robbery of funds of workers and pensioners. For a start, reps of organized Labour and pensioners association should resign from the Board while waiting for the dissolution of the Board and sacking of mgt of SSNIT. pic.twitter.com/7UqXXEUMex

— Abulais Yaro (@yabulais) July 15, 2024

Sanity will prevail if only the entire board of SSNIT and the management of the loss making hotels resign or all reconstituted. We cannot have those who were burnt on making the 60% share sale remain in office. https://t.co/k7QZJrQkQm

— LeBoss James (@gatormovitor) July 13, 2024