Former SSNIT board member, Ofori Acheampong, has provided clarity on the sale of SSNIT shares in its hotel, justifying the decision as the best course of action for the entity at the time.
Mr. Acheampong, who served on the 13th board of SSNIT, emphasised the importance of protecting workers’ investments in their retirements and explained the need to divest certain investments, such as the hotels, due to significant losses incurred.
Mr. Acheampong highlighted that selling off shares was not a new practice for SSNIT, citing the example of the sale of majority shares in Merchant Bank to the FORTIS group, with SSNIT retaining about 3% shares. He pointed out that SSNIT, as a government entity, appoints the Board chairman and management, and when investments are not profitable, they can burden SSNIT with financial requests that could potentially collapse the entity.
The former board member refuted claims of high hotel occupancy rates and revealed instances where SSNIT workers seconded to the hotels struggled to pay their Social Security. Acheampong stressed the board’s decision to allow management to offload shares in order to alleviate SSNIT’s financial burden.
He criticised organised labour for suggesting they were unaware of the decision, stating that all TUC members who served on the board were available for briefings. He deemed it hypocritical for organized labour to question their awareness of the situation.
The sale of SSNIT shares in its hotels was brought to public attention by NDC MP Samuel Okudzeto Ablakwa, who has petitioned CHRAJ to investigate various allegations, including conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and graft. Acheampong’s clarification sheds light on the considerations that informed the board’s decision and the challenges faced by SSNIT in managing its investments effectively.
Meanwhile, The Majority Leader in Parliament, Alexander Afenyo-Markin, has urged SSNIT to release documents related to the sale of its shares in thenfour hotels to Dr. Bryan Acheampong, the Minister for Food and Agriculture.
SSNIT is in the final stages of selling 60% of its shares in the Elmina Beach Resort, Ridge Royal Hotel, La Palm Royal Beach Resort, and Labadi Beach Hotel to Rock City Hotel, which is owned by Dr. Acheampong.
Mr Afenyo-Markin has called on SSNIT to provide a detailed explanation of the deal to the public.
“Let me make this appeal to SSNIT, SSNIT must come out, make the documents available, and speak to it. I mean, they cannot be dodgy. This is not a political matter. I cannot come and speak to it politically, condemn it, or commend it.
“SSNIT must come out, and even not only this decision, [it must] look at all their investments that are failing and explain them to the public.
“I am sure that TUC and other labour unions will understand if these things are explained and they will take away Bryan Acheampong as a person and understand that, let’s not look at the form but at the substance.”
