Communications Director of the New Patriotic Party (NPP), Richard Ahiagbah, has raised concerns about the long-term implications following the termination of the sale of SSNIT’s 60 percent shares in four hotels.
On July 12, SSNIT announced the cancellation of the sale of its four hotels to Rock City Hotel, which also declared it would not purchase the SSNIT shares. This decision followed threats from Organised Labour to launch a nationwide strike on Monday, July 12.
In a post on X (formerly Twitter), Ahiagbah recognised the impact of Organised Labour and advocates, expressing sympathy for the workers’ concerns. However, he warned against obstructing a legitimate corporate decision, stressing the potential damage to corporate governance, market confidence, and overall certainty.
Ahiagbah urged careful consideration of the action’s implications, fearing it could have extensive consequences.
“The recent halt of SSNIT’s attempt to sell 60% of its shares in the five hotels is a testament to the power of organized labour and advocates. Their unwavering dedication to the sale has prevailed, sending a clear message.
“However, while this may seem like a victory worth celebrating, we must also consider the precedent we have set. Are we opening the door to future interference in public offerings based on political affiliations?
“This could harm corporate governance, market confidence, and overall certainty. Just as we are bound to respect a referee’s decision in a football game, we must also abide by the outcomes of democratic processes, even if they don’t align with our preferences.
“While I empathise with the workers’ concerns, we must also consider the implications of impeding a legitimate corporate decision. We must deeply reflect on the potential long-term consequences of this precedent.”