Akufo-Addo defends the sale of the SSNIT Hotel and calls the dispute "unnecessary."

 

The difficulties surrounding the sale of 60% of the four hotels held by the Social Security National Insurance Trust (SSNIT) to Bryan Acheampong, the Agricultural Minister,'s Rock City Hotels, have been deemed superfluous by President Nana Addo Dankwa Akufo-Addo.

In making the announcement on SSNIT assets, the President pleaded with Ghanaians to exercise caution.

He was giving a speech on Tuesday at the Trades Union Congress's (TUC) 12th quadrennial delegates meeting.

SSNIT was diligently working to guarantee that it gained money as the trust extended its boundaries, according to President Akufo-Addo.

"SSNIT has performed well lately, and this has resulted in GHC230 million being spent on its activities overall. This should reassure organized labor and maybe put the needless controversy that SSNIT's attempts to sell off non-performing properties in its hotel portfolio recently created into a sharper perspective.

According to what I gather, the transaction that fell through was the only time in SSNIT's recent history that outside investors attempted to purchase shares in the company.

"When it comes to making decisions and pronouncements that would affect the long-term interests of pensioners, all of us need to be measured," he said.

Significant opposition was generated by the decision to sell off the SSNIT hotels, particularly from organized labor and North Tongu MP Samuel Okudzeto Ablakwa, who saw it as a distressed sale to a government appointee.

This sparked calls for a change in SSNIT's board representation and a countrywide protest. Later, once Organised Labour threatened a national strike, the idea was abandoned.