SSNIT Terminates Sale of Hotel Stake To Rock City Following Planned Indefinite Strike Action By Organised Labour
The Social Security and National Insurance Trust (SSNIT) has announced the termination of its contentious plan to sell a 60% stake in four of its hotels to Rock City Hotel, a private entity owned by Ghana’s Minister of Food and Agriculture, Bryan Acheampong.
The decision came late on Friday, July 12, following significant pushback from stakeholders and a looming industrial action.
In a late-night statement, SSNIT’s Board Chair, Elizabeth Ohene, who had previously defended the deal, confirmed the cessation of the transaction.
“The process has been terminated,” the statement read, reassuring pensioners, contributors, and the general public of the Trust’s dedication to managing its affairs prudently to ensure the sustainability of the pension scheme.
Rock City Hotel echoed this sentiment by withdrawing its bid, citing the overwhelming opposition from stakeholders.
However, the move did little to pacify the aggrieved unions, including the Ghana Medical Association (GMA) and the National Association of Graduate Teachers (NAGRAT).
These groups insisted that unless SSNIT provides clear assurances regarding the future of the hotels, they would proceed with their planned strike action.
The Trade Union Congress (TUC) had earlier convened an emergency meeting, resulting in a call for a total shutdown of public services starting Monday, July 15.
This drastic measure aimed to pressure the National Pensions Regulatory Authority (NPRA) to reconsider its approval of the sale, which had sparked outrage among workers and retirees.
Despite the withdrawal of Rock City Hotel’s bid, union leaders argue that the potential remains for SSNIT to offload the shares to other interested parties.
They demand full transparency and a comprehensive plan from SSNIT on how it intends to handle the hotels moving forward.
As SSNIT seeks to navigate this contentious issue, it remains to be seen whether the latest developments will be sufficient to avert the impending strike and restore confidence among its stakeholders.
