TUC seeks greater influence on SSNIT board to safeguard pension investments

The Trades Union Congress (TUC) has called for increased representation on the Social Security and National Insurance Trust (SSNIT) board to better influence key decisions concerning pension fund investments.

Dr. Kwabena Nyarko-Otoo, TUC’s Director of Research and Policy, stated that the current representation of four members is inadequate as they can be easily outvoted on critical issues.

Speaking on Joy News’ PM Express, Dr. Nyarko-Otoo explained that this request for greater representation has been presented to President Akufo-Addo.

He stressed that with more members on the board, the TUC would have been more effective in opposing SSNIT’s decision to sell its 60% stake in four hotels to Bryan Acheampong, MP for Abetifi.

“There are many things we know about SSNIT and other state institutions, and we have our level with which we deal with some of these issues,” Dr. Nyarko-Otoo explained.

Concerns and Actions

The Union is facing criticism from its members for failing to prevent the sale of SSNIT’s stake in the hotels to the agriculture minister. Despite having four members on the SSNIT board, the TUC was unable to block the sale, which only came to public attention through the efforts of the North Tongu MP.

Dr. Nyarko-Otoo defended the TUC’s position, stating that, “As far back as 2017, we have put several issues regarding SSNIT to the President. For example, we thought that labour needed more membership on the SSNIT Board because those four members can always be outnumbered by a vote.”

The TUC has also advocated for the appointment of the SSNIT Director-General to be made by the board rather than the President, although Dr. Nyarko-Otoo acknowledged that such changes take time to implement due to competing interests.

Additionally, he expressed dissatisfaction with the requirement for board members to swear an oath of secrecy, which limits their ability to communicate certain information to their members.

Background

SSNIT has defended its decision to sell a 60% stake in four of its hotels to Rock City Hotel, owned by Bryan Acheampong.

In a statement issued on 19 May, SSNIT explained that Rock City Hotel Limited provided the best technical and financial proposal among the bids received, adhering to the criteria set out in the Request for Proposals (RFP).

The selection process was described as transparent and compliant with the Public Procurement Act, with SSNIT emphasizing that there was no favoritism involved.

The decision to partner with an investor was aimed at raising capital for further investments in their hotels and improving management.

Source: Myjoyonline