Sale of SSNIT's shares in four hotels to Bryan Acheampong is state capture - Organised Labour

Key officials from Organised Labour have vowed to cease negotiations regarding the sale of Social Security and National Insurance Trust (SSNIT) shares in four hotels to a Minister of State.

Agriculture Minister Bryan Acheampong, who owns Rock City Hotel, has been in negotiations with SSNIT since 2018 for the sale of 60 percent of shares in the four hotels owned by the state-owned company.

The hotels in question include Labadi Beach Hotel, LA Palm Royal Beach Resort, Ride Royal Hotel, and Elmina Beach Resort.

Following the revelation by Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, Organised Labour has strongly opposed the ongoing divestiture.

During a press conference on May 20, Secretary-General of the Trades Union Congress, Dr. Yaw Baah, stated, "The process is ongoing, and they are even expediting it, which we do not believe is right.

"We do not think that the regulations governing the sale of state assets were followed. We do not believe that the necessary due diligence was conducted. We cannot fathom that state properties would be sold to a Minister of State," the TUC boss said.

"For us, this is state capture and it must be stopped immediately. If the Minister for Pensions, who is also the Minister for Employment and Labour Relations, fails to halt SSNIT, the workers of Ghana, who own the funds, will intervene and stop the process," he stressed.

In the meantime, Okudzeto Ablakwa has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate the proposed sale with the goal of halting it.

However, SSNIT has stated that its decision to sell a 60% stake in its hotels to Rock City Hotel is based on the fact that Bryan Acheampong's company submitted the best proposal.

According to SSNIT, the sale of the hotels to the private investor is in line with the Trust's strategy to partner with a strategic investor to raise capital for investment in its hotels and to assist in their management.

SSNIT's Sale of 60% Hotel Stake: TUC and Organised Labour asks Ministry of Finance to cancel SNNITs move to sell 60% share of their interest in some hotels. #JoyNews pic.twitter.com/8SuxB3I8og

— JoyNews (@JoyNewsOnTV) May 20, 2024

We will not allow SSNIT to play “chaskele” with our pension funds. Should they dare to go ahead, it will be the mother of all strikes in Ghana - Head of CLOGSAG, Dr Isaac Bampoe Addo. #JoyNews pic.twitter.com/gNIpXhpB30

— Joy 99.7 FM (@Joy997FM) May 20, 2024