Controversy around attempt to sell SSNIT hotels unnecessary – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has slammed the Social Security and National Insurance Trust (SSNIT) decision to offload some of their hotels to Minister for Agriculture, Bryan Acheampong’s Rock City Hotels.

According to the president, the controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio was unnecessary.

“I take note in particular 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 the unnecessary controversy that was recently generated by SSNIT’s efforts to offload non-performing assets in its hotel portfolio,” Nana Addo said this at the 12 Quadrennial National Delegates Congress of the Trades Union Congress on August 20.

Nana Addo said it is imperative for everyone to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners.

“It is my understanding that the transaction was aborted and represented the only occasion in recent history of SSNIT that external investors sought to invest in SSNIT 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.

SSNIT announced the termination of sales of four hotels following public protests and strikes fueled by the Member of Parliament for North Tongu constituency in the Volta Region.

“The Board and Management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.”

“We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of Trust prudently for the sustainability of the Pension Scheme.” The press release signed by the Board Chair of SSNIT, Elizabeth Akua Ohene read.

SSNIT’s announcement came after the management of Rock City Hotel withdrew its bid to purchase 60% of SSNIT’s stake in four hotels.

” We are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity. Finally, in the interest of accountability and transparency, we consent to you releasing all or whatever parts of our bid documents for public scrutiny or publishing the same if it should become necessary. We wish you continued success in your endeavours.” Rock City Hotel management said in a statement.

Source:elvisanokyenews.com