TUC Criticizes SSNIT For Failing To Address ILO Concerns On Investment Management
The Trade Union Congress (TUC) has publicly criticized the management of the Social Security and National Insurance Trust (SSNIT) for its alleged failure to address concerns raised by the International Labour Organization (ILO) regarding the management of its investment portfolios.
The TUC claims that mismanagement of investment funds has prevented SSNIT from responding to the ILO’s inquiries about the viability of these investments.
The TUC has emphasized that SSNIT has not provided transparent information about its pension investments since the ILO raised these concerns.
This lack of transparency is troubling, according to the TUC, as it suggests that mismanagement is preventing SSNIT from addressing the ILO’s questions.
The ILO’s report has predicted that Ghana’s pension fund could be depleted within ten years if these issues are not resolved.
Dr. Kwabena Nyarko Otoo, Director of Research at TUC, highlighted these issues during a discussion on organized labour’s decision to call off a nationwide strike. The strike aimed to pressure SSNIT to halt the sale of its 60 percent shares in six hotel portfolios across the country.
Dr. Otoo noted that despite ongoing discussions with the ILO since 2014 to consolidate SSNIT pension payments, no significant progress has been made.
Expressing concern over the plight of retirees, Dr. Otoo pointed out that workers retiring after 20 to 35 years of service are receiving meager pensions of GHS 500, which is insufficient for their needs.
He criticized the disparity where some contributors receive lower pensions while others, who do not contribute, receive higher pensions, calling for a rectification of this issue.
Dr. Otoo also questioned SSNIT’s intention to sell its hotel shares, arguing that smaller hotels in the country are profitable. He warned that the TUC would resist any attempts to run down these hotels for diversification purposes.
Dr. Otoo further cautioned that if SSNIT’s management does not address these issues, the TUC would demand the dissolution of its management and board.
