President Nana Addo Dankwa Akufo-Addo has staunchly defended the sale of the Social Security and National Insurance Trust (SSNIT) hotel, dismissing the surrounding controversy as « unnecessary. »
The President’s remarks come in response to growing public concern and criticism over the transparency and implications of the transaction.
The hotel in question, originally acquired and managed by SSNIT as part of its investment portfolio, was sold as part of a broader effort to streamline the organisation’s assets and focus on its core mandate of providing social security services to Ghanaians.
Despite the government’s justification, the sale has sparked debates, with critics questioning whether the move was in the best interest of contributors to the trust and whether the process adhered to proper due diligence.
Speaking at the 12th quadrennial delegates conference of the Trades Union Congress (TUC) on Tuesday, August 20, 2024, Nana Addo emphasised that the sale was conducted in accordance with all relevant regulations and procedures.
He said SSNIT was working assiduously to ensure that they made profits while the trust expanded its frontiers.
« The improved performance of SSNIT which recently in all successes [led to] GH¢230m 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, » he said.
« It is my understanding that the transaction that was aborted represented the only occasion in the 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 would affect the long-term interests of pensioners, » Nana Addo stated.
He expressed confidence in the decision, noting that it was part of a strategic effort to enhance the financial health and operational efficiency of SSNIT.
According to the President, the sale was necessitated by the need to optimise the trust’s investments and ensure that its resources are being utilised in the most effective manner.
Pulse
