Sale of SSNIT Hotels: Controversies were unnecessary – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has noted that organised labour must be encouraged by the Social Security and National Insurance Trust (SSNIT)’s decision to sell its assets since it recorded a surplus of GH¢230 million recently.

According to him, the controversies surrounding the sale of the hotels were unnecessary.

Speaking at the Trades Union Congress (TUC) quadrennial conference on August 20, 2024, “Take note of the improved performance of SSNIT which recently announced a surplus of GHs 230 million on its operations, this should be reassuring to organised labour and perhaps bring into sharper relief to the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio”.

He added, “All of us need to be measured when it comes to making decisions of pronouncement that will affect the long-term interests of pensioners.”

A former Chief Justice Sophia Akuffo said the management of SSNIT was deliberately running down the hotels to sell among themselves.

She said: “Of course, 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,” she said.

SSNIT debunked her claims while adding that they were “false and undermine the integrity and confidence in the Pension Scheme.”

“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 stated.

“We wish to emphasise that the allegations of deliberate mismanagement of SSNIT hotels are false and undermines the integrity and confidence in the Pension Scheme. Allegations of this nature, without substantiated evidence, create unnecessary tension among stakeholders and potentially detract the public from the constructive dialogue needed to address genuine issues,” SSNIT added.

SSD/NOQ

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