The leadership of Ghana’s organized labor has urged the Social Security and National Insurance Trust (SSNIT) to halt the proposed sale of its stake in six hotels.
This appeal was made during a press briefing delivered by the Secretary-General of the Trades Union Congress (TUC), Dr. Yaw Baah.
Dr. Baah called on the minister responsible for pensions to instruct the Board of Trustees of SSNIT to immediately cease the process.
He mentioned that union representatives on the Board of Trustees of SSNIT had informed the union leadership that they had jointly raised objections to the process.
“SSNIT’s interests in six hotels should not be packaged and sold as if all the hotels were in the same financial situation. The original proposal for the sale of SSNIT’s interests in six hotels has now been reduced to four. We hold the view that this renders the whole process null and void.
The proposed payment terms deviated from the original Memorandum of Understanding (MOU) based on the recommendation of the transaction advisor,” he stated.
Dr. Baah also expressed concern that state assets might be sold to a Minister of State.
The union responded to an accusation against the Trust, claiming that it was selling its stakes in six hotels to a company owned by the Minister of Food and Agriculture, Mr. Bryan Acheampong.
In a press statement, the Trust clarified that Rock City Hotel had presented the strongest technical and financial proposal among other interested companies.
However, Dr. Baah criticized the Trust for allegedly failing to conduct proper due diligence in its attempt to sell its stakes to Rock City Hotel.
“From all indications, it appears the process is going on, and in fact, they are even speeding it, and we do not think it is right. We do not think the regulations that guide the sale of state assets were followed. We do not think that the necessary due diligence was conducted. We cannot imagine that state property will be sold to a Minister of state,“ he said.
He urged the minister responsible for pensions to take proactive measures to prevent the sale; otherwise, the union would be compelled to take action.