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NewsSSNIT internal affairs must be important to all Ghanaians - Austin Gamey

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SSNIT internal affairs must be important to all Ghanaians – Austin Gamey

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Labour Expert Austin Gamey has emphasized the importance of all stakeholders actively engaging with the operations of the Social Security and National Insurance Trust (SSNIT), particularly in light of recent developments.

Gamey urged organized labor to express their concerns regarding the sale of SSNIT-owned hotels, emphasizing the need for transparency and accountability in such matters.

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His remarks come as President Akufo-Addo instructed the Minister for Employment and Labour Relations to meet with organized labor to discuss the proposed sale of SSNIT’s stake in four hotels to Bryan Acheampong, Minister for Food and Agriculture.

The President’s directive followed a meeting with organized labor on the issue.

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Labor unions and civil society organizations have strongly opposed the deal between SSNIT and Rock City Hotel Limited, owned by Bryan Acheampong, after allegations of conflict of interest, misuse of authority, and procurement violations surfaced.

MP for North Tongu, Samuel Okudzeto Ablakwa, filed a petition with the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate and halt the sale.

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Mr Ablakwa also notified the Ghana Police Service of plans for a demonstration against SSNIT’s actions, citing intercepted documents that purportedly show the trust proceeding with the transaction.

However, SSNIT’s management refuted the allegations, stating that due processes were followed in diversifying its stake in the hotels.

SSNIT maintained that Rock City Hotel presented the best offer among bidding companies and that the objective was to increase efficiency, profitability, and shareholder value in the long term.

“Accordingly, SSNIT went through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act, 2003 (ACT 663), as amended by ACT 914, for the selection of a strategic investor.

“The primary objective of finding a strategic investor is to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme.”

“Based on the criteria set out in the RFP,  Rock City Hotel submitted the best and strongest technical and financial proposal amongst those received. Consequently, it is in negotiation with SSNIT to buy a 60% stake in each of the four (4) hotels ( Labadi Beach Hotel,   La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort),” SSNIT said in its May 19 press statement.

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