SSNIT recording significant gains – Akufo-Addo

President Akufo Addo says the strong financial performance posted by the Social Security and National Insurance Trust (SSNIT) in its 2023 financial report should put to rest agitations over the Trust’s decision to sell off some non-performing assets.

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This comes after the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa in partnership with Organised Labour staged a protest against the institution in June.

Among other things, the group had called for the immediate dissolution of the Board of the Social Security and National Insurance Trust (SSNIT) and the resignation of top management members over the decision to sale off 60% of SSNIT’s stake in some hotels.

But commenting on the matter at the 12 Quadrennial National Delegates Congress of the Trades Union Congress on August 20, the President said contrary to arguments that SSNIT is not being properly managed, the pension scheme continues to record significant gains.

“Active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to 2 million as of April 2024. The National Pensions Regulatory Authority has expanded its zonal offices from 2 in 2016 to 6 thereby enhancing visibility and bringing its services closer to the people.

“Coverage of pension in the informal sector also increased from ninety-one thousand two hundred and fifty-three in 2016 to eight hundred and seventeen thousand four hundred and forty-four currently.

“Total assets under management have grown from 15.7 billion cedis in December 2016 to 71.6 billion cedis in March 2024,” he stressed.

President Akufo-Addo also described the controversies surrounding the sale of the hotels to his Minister of Agriculture, Bryan Acheampong’s Rock City Hotels as unnecessary.

“I take note in particular of the improved performance of SSNIT which recently announced a surplus of 230 million cedis on its operation. This should be reassuring to Organised Labour and perhaps bring into sharp relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload none performing assets in its hotel portfolio.

“It is my understanding that the transaction that was aborted represented the only occasion in recent history of SSNIT that external investors sort to invest in SSNIT’s holdings.

“All of us need to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners,” he added.

Meanwhile, a string of events has taken place since the news broke that Mr Acheampong’s company was the successful bidder of the 60% shares in four hotels belonging to SSNIT.

Labour unions first engaged with the board of SSNIT to terminate the transaction.

The MP for North Tongue, Samuel Okudzato Ablakwa who blew the whistle on the deal also petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) and led a demonstration for the deal to be botched.

In his petition, Mr Ablakwa asserts that there are ongoing plans to sell a controlling 60% stake in four hotels owned by SSNIT to Rock City Hotel Limited, a company owned by Dr Bryan Acheampong, who serves as the MP for Abetifi.

The hotels under scrutiny in the petition include Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.

Mr Ablakwa’s petition to CHRAJ seeks an investigation into various allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft.

The MP highlights what he views as a violation of constitutional provisions, citing Articles 78(3) and 98(2) of the 1992 Constitution.

However, Rock City Hotel withdrew its bid to purchase 60 percent shares in four hotels owned by the Social Security and National Insurance Trust (SSNIT).