SSNIT Stake Sale: Dr Ishmael Dodoo calls for stronger corporate governance in public institutions
Dr. Ishmael Dodoo, an Africa Human Development expert, has raised significant concerns regarding the potential sale of the Social Security and National Insurance Trust’s (SSNIT) 60% stake in four hotels to Rock City Hotel controlled by Bryan Acheampong, Ghana’s Minister for Food and Agriculture.
Speaking during the NorvanReports and Economic Governance Platform (EGP) X Space Discussion on “Fireside Tales of Public Deals: The SSNIT Story,” Dr. Dodoo described the transaction as a glaring example of weak corporate governance within SSNIT.
Dr. Dodoo’s critique focused on the apparent conflict of interest, noting that robust corporate governance mechanisms at SSNIT would have likely prevented such a sale.
He argued that the transaction violated Articles 78 (3) and 98 (2) of the 1992 Constitution, which aim to safeguard against conflicts of interest among public office holders.
“We ought to deal with the weak corporate governance at SSNIT because if they had a robust corporate governance with strong oversight, then such issues wouldn’t happen,” he asserted.
The expert emphasized that organized labor and citizens must ensure that SSNIT does not engage in politically motivated decisions that could adversely affect pension contributors.
According to him, the sale of SSNIT’s stake to a company owned by a prominent political figure is both unethical and detrimental to public trust.
Dr. Dodoo further called on the Government to take decisive action against corruption and the pervasive weaknesses in corporate governance within public institutions.
He argued that the government possesses the necessary solutions but lacks the political will to implement them effectively.
“The Government has to do the right thing by dealing extensively with corruption and weak corporate governance in public institutions,” he stated.
The sale of SSNIT’s 60% stake in four hotels has sparked a broader conversation about the integrity of public institutions in Ghana and the need for stringent governance frameworks to prevent similar occurrences in the future.
As SSNIT plays a crucial role in managing pension funds for the nation’s workforce, ensuring its operations are free from political interference and conflicts of interest is imperative.
