TUC warns SSNIT to halt sale of hotels to Bryan Acheampong

The Trade Union Congress (TUC) has issued a stern warning to the Social Security and National Insurance Trust (SSNIT) to halt the reported sale of 60% of its stake in four hotels to Bryan Acheampong, MP and Minister for Agriculture, through Rock City Hotel.

May 20, 2024 - 19:17
May 20, 2024 - 19:19
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TUC warns SSNIT to halt sale of hotels to Bryan Acheampong

The Trade Union Congress (TUC) has issued a stern warning to the Social Security and National Insurance Trust (SSNIT) to halt the reported sale of 60% of its stake in four hotels to Bryan Acheampong, MP and Minister for Agriculture, through Rock City Hotel.

According to the union, these properties belong to the citizens, and SSNIT is merely managing them. Therefore, they would not allow SSNIT to sell them to just anyone, especially a minister of state.

“We want the government to know that these funds are not government funds. These funds are pension funds, and pensions are guided by Act 766. We have investment guidelines under Act 766, and clearly, these guidelines have not been followed.

“The government should be aware that we will not allow them to play 'chaskele' with our funds. Should they dare go ahead, it will be the mother of all strikes in Ghana,” said Dr. Isaac Bampoe Addo, Head of the Civil and Local Government Staff Association, Ghana (CLOGSAG).

“We find it extremely difficult to understand why SSNIT's interest in six hotels will be packaged and sold as if all the hotels are in the same financial position," he said.

Bryan Acheampong, Minister for Agriculture
Bryan Acheampong, Minister for Agriculture

“We find it difficult to understand why the original proposal for the sale of SSNIT's interest in six hotels has been reduced to four. We hold the view that this renders the whole process null and void. We have observed that the proposed payment terms have varied from the original MoU (Memorandum of Understanding) based on the recommendations,” he added.

Dr. Baah added that the TUC could not understand why the stake should be sold to a politician, Mr. Acheampong.

“We also find it difficult to understand why SSNIT's interest in these hotels should be sold to a company owned by a Minister of State. We do not think this is right,” he added.

“We are calling on the Minister responsible for pensions to direct the board of trustees of SSNIT to cancel the process immediately; otherwise, organized labor will advise itself."

TUC Secretary-General, Dr. Yaw Baah, said they had initially raised opposition to the deal, but it appears the Trust is bent on going ahead.

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