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Tag: SSNIT

  • Arrears owed by government to SSNIT cleared – Finance Ministry

    Arrears owed by government to SSNIT cleared – Finance Ministry

    Finance Minister Dr. Cassiel Ato Forson has announced that his outfit has cleared all arrears owed by the government to the Social Security and National Insurance Trust (SSNIT).

    Speaking at the inauguration ceremony of the new Board of Trustees in Accra, Dr. Forson reiterated the government’s commitment to sustaining the country’s pension system, confirming that all outstanding obligations to SSNIT have been fully settled.

    “I want to assure you that the government is current on all payments due to SSNIT,” he stated. “We are determined to continue honoring these obligations to safeguard the pensions of Ghanaian workers.”

    Director-General of SSNIT, Mr. Kwesi Afreh Biney, confirmed the payments and noted that the government has not only cleared arrears it inherited but has also fulfilled all current obligations.

    The Finance Minister’s assurance comes amid increased public scrutiny over the management of pension funds and renewed calls for transparency in SSNIT’s investment decisions. His remarks are expected to strengthen public confidence in the fund’s financial position and the government’s dedication to protecting workers’ retirement benefits.

    The newly constituted SSNIT Board is chaired by Nana Ansah Sasraku III and comprises representatives from government, organised labour, and employer groups. The Board is tasked with providing strategic oversight and ensuring sound governance of the fund.

    As of October 2024, the government had defrayed approximately GHC2.5 billion of its GHC5 billion debts owed to the Social Security and National Insurance Trust (SSNIT) in the form of bonds.

    This was revealed by the past Director-General of the Trust, Kofi Osafo-Maafo, who said the government had paid part of the money it owed the pension scheme after several talks between the two sides to boost the financial state of SSNIT.

    Experts who looked into SSNIT’s finances found that the government’s delay in paying what it owed had hurt the scheme’s ability to invest and make profits. SSNIT’s records at the close of 2021 showed that the government owed it GHS6.9 billion out of a total debt of GHS9.3 billion.

    This meant about 75% of all the money SSNIT was owed came from the government. The unpaid money included pension contributions and the interest that had built up over time. Due to this huge debt, SSNIT’s returns on its investments dropped by about 1.3% each year.

    It is in view of this that the chairman of the newly constituted Board of Trustees for the Social Security and National Insurance Trust (SSNIT), Nana Ansah Sasraku III, has committed to providing strategic direction to the Trust by leveraging collective expertise to drive growth, sustainability, and excellence in service delivery.

    Nana Ansah Sasraku III noted that a roadmap for the Trust will be provided to safeguard the Scheme’s sustainability and ensure that it continues to meet its obligations to its valued members. He acknowledged the magnitude of the task ahead and expressed the Board’s readiness to deliver.

    “We know that the task before us is immense. But what greater responsibility is there than securing the retirement incomes of the very people who built our nation? And what greater task is there than ensuring that after years of service, the Ghanaian worker can rest, assured that their future is safe? Yes, we are fully aware of the magnitude of the work ahead. But we are prepared, united and committed to ensure that the Trust’s resources are managed with integrity, prudence and foresight to secure the future of contributors and beneficiaries,” he said.

  • SSNIT pays GHS 513.73m to over 254,000 pensioners in February

    SSNIT pays GHS 513.73m to over 254,000 pensioners in February

    The Social Security and National Insurance Trust (SSNIT) has paid a total of GHS 513.73 million to over 254,317 pensioners for the month of February 2025.

    In a Facebook post, the Trust noted that the disbursement forms part of its commitment to ensuring the timely payment of pensions to retirees under the national scheme.

    Earlier this year, SSNIT announced a 12% adjustment in pensions for 2025, starting in January.

    This revision was made in coordination with the National Pensions Regulatory Authority (NPRA) and complies with Section 80 of the National Pensions Act, 2008 (Act 766).

    As per SSNIT, all retirees receiving benefits as of December 31, 2024, will see an average increase of 12% in their monthly payments. 

    The adjustment includes a fixed increment of 8% along with an additional GH¢72.58, which accounts for 4% redistributed to assist lower-income pensioners.

    “Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security. As a result, pensioners will have an effective increment between 32.19% at the bottom end and 8.04% at the top end. Redistribution ensures that the minimum monthly pension of GH¢300 in 2024 will increase to GH¢396.58 in 2025, an effective increase of 32.19%”, a statement from SSNIT said.

    This redistribution policy aims to provide extra relief for pensioners with lower earnings, following the social security solidarity principle. 

    Consequently, those receiving the least will experience a 32.19% boost, while those at the highest level will see an 8.04% rise. 

    With this revision, the minimum monthly pension will increase from GH¢300 in 2024 to GH¢396.58 in 2025.

    For retirees under PNDC Law 247, the highest monthly benefit will now stand at GH¢201,792.37, marking an 8.04% growth. Meanwhile, the average pension will move from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025.

    SSNIT further disclosed that 63% of pensioners, particularly those earning GH¢1,814.50 or less per month, will benefit from increases ranging from 12% to 32.19%, ensuring their income keeps pace with inflation.

    The revised pensions took effect in January 2025, with payments scheduled for the third Thursday of every month.

  • Woelinam Dogbe appointed Deputy Director-General of SSNIT

    Woelinam Dogbe appointed Deputy Director-General of SSNIT

    President John Dramani Mahama has appointed Mr. Woelinam Dogbe to serve as the Deputy Director-General for Investment and Development (IDD) at the Social Security and National Insurance Trust (SSNIT).

    Woelinam, a professional with over 18 years in the industry, is a respected banker, management consultant, and business leader. His career includes senior roles at Standard Chartered Bank, Fidelity Bank Ghana, and Bayport S&L. Additionally, he has been part of the boards at Agave Rural Bank PLC and Woezor Group Limited.

    Prior to this new role, he held the position of Chief Operating Officer at Woezor Group and managed Plankton Partners Limited, a consulting firm offering business advisory services across various sectors.

    He is a Fellow of the Chartered Institute of Bankers, Ghana, and has been certified as an Environmental and Social Risk Management Consultant by the International Finance Corporation (IFC).

    Woelinam completed his secondary education at Achimota School, earned his Bachelor of Science from the University of Ghana, Legon, and obtained his MBA from the University of Bradford in the UK.

  • Mahama sacks Osafo-Maafo’s son along with three deputies

    Mahama sacks Osafo-Maafo’s son along with three deputies

    The government has annulled the appointment of Kofi Bosompem Osafo-Maafo as Director-General of the Social Security and National Insurance Trust (SSNIT).

    Reports indicate that the contracts of his three deputies have also been revoked.

    The affected deputies are Kwame Adu-Darkwa, Deputy Director-General for Finance and Administration; Ms. Juliana Kpedekpo, Deputy Director-General for Operations and Benefits; and Nana Serwah Bonsu Amoako, Deputy Director-General for Investment and Development.

    As of now, no replacements have been announced, as the President has yet to appoint a new Director-General and deputies.

    In April 2024, then-President Nana Addo Dankwa Akufo-Addo relieved Dr. John Ofori Tenkorang of his duties as SSNIT’s Director-General, appointing Osafo-Maafo in his stead.

    Dr. Ofori Tenkorang’s dismissal prompted the immediate resignation of Michael Addo, his Deputy Director-General in charge of Finance and Administration.

    Osafo-Maafo’s tenure also resulted in the reassignment of Pearl Nana Ama Darko, the former Deputy Director-General for Operations and Benefits, to the Ghana Revenue Authority (GRA) as Commissioner for Support Services.

    She was subsequently replaced by Juliana Kpedekpo, who is now among the outgoing deputies.

    President John Dramani Mahama is anticipated to name new officials for the vacant positions in the coming days.

  • Charges against former SSNIT boss Dr Thompson, 3 others withdrawn by the State

    Charges against former SSNIT boss Dr Thompson, 3 others withdrawn by the State

    The Attorney-General and Minister of Justice has officially withdrawn all charges against Dr. Ernest Thompson, the former Director-General of the Social Security and National Insurance Trust (SSNIT), along with three other individuals previously accused of financial impropriety.

    This decision, taken by Dr. Dominic Ayine, brings an end to a prolonged legal battle that began under the Akufo-Addo/Bawumia administration, which had sought to prosecute the accused for alleged financial losses to the state.

    Court documents filed at the High Court (Criminal Division) in Accra confirm that the case against Dr. Ernest Thompson, John Hagan Mensah, and Peter Hayibor has been discontinued.

    The withdrawal was formalized through a notice signed by the Director of Public Prosecutions, Yvonne Atakora Obuobisa, citing Sections 59(1), 59(2)(b)(ii), and 59(5) of the Criminal and Other Offences (Procedure) Act, 1960 (Act 30) as the legal justification.

    The legal teams representing the accused—comprising lawyers Samuel Codjoe, Anis Moghtar Mohayideen, and D.K. Ameley—have been duly informed of the Attorney-General’s decision.

  • What former SIC MD is demanding from govt

    What former SIC MD is demanding from govt

    The former Managing Director of SIC Insurance PLC, Hollister Duah-Yentumi, has taken legal action against the company and her successor, James Agyenim-Boateng, who was appointed by President John Dramani Mahama.

    Duah-Yentumi claims that her contract was unfairly terminated, despite it being set to last until January 1, 2028.

    As part of her lawsuit, the former MD is requesting the court to mandate SIC Insurance to compensate her salary and benefits through to 2028.

    She is seeking an annual salary of GH¢840,000, SSNIT contributions, GH¢200,000 for housing, and a clothing allowance worth 10% of her salary.

    Additionally, she is demanding allowances for entertainment, meals, and professional expenses, alongside payment for utilities, taxes, and provisions for her household staff, security, and gardener. Duah-Yentumi is also asking for a company car and fuel benefits.

    Below are her demands as stated in the writ of summons:

    a. Gross basic salary of GH¢840,000.00 per annum, which is subject to an annual upward review rate of 15%.

    b. Payment of the plaintiff’s Social Security and National Insurance Trust (SSNIT) and provident fund.

    c. The provision of official accommodation and its maintenance to a suitable standard, at a cost of up to GH¢200,000.00.

    d. A clothing allowance of 10% of the annual basic salary, payable once a year by the end of the payment year.

    e. An entertainment allowance of 10% of the annual basic salary, payable monthly in twelve (12) equal instalments per year over the tenure of this contract.

    f. A monthly canteen allowance of GH¢850.00.

    g. A professional allowance of GH¢1,200.00.

    h. Payment of all utility bills, property rates, and other taxes levied on her official residence.

    i. Payment of annual membership dues for only one professional association of her choice.

    j. Payment of membership fees for a health or sports club of her choice, not exceeding GH¢3,000.00 per annum, paid directly to the sports club.

    k. Provision of one domestic (house) help or cash in lieu of GH¢3,000.00.

    l. Provision of one personal security officer at the MD’s residence or cash in lieu of GH¢3,000.00.

    m. Provision of one gardener at the MD’s residence or cash in lieu of GH¢2,000.00.

    n. Provision of medical care for the managing director, her spouse, and five children below the age of 18, or up to 22 years if still schooling or unemployed, at the Bob Freeman Clinic.

    o. Provision for the sole use of the managing director of a suitable company car (i.e. a V8 Toyota Land Cruiser) and payment of all expenses related to its maintenance and insurance.

    p. Provision of 450 litres of fuel per month for the official vehicle.

    q. The company car referred to above shall be sold to the managing director upon the expiration or termination of this agreement in accordance with the company’s asset disposal policy. Disposal of the vehicle to the managing director upon earlier termination of this agreement by the managing director shall be at the board’s discretion.

    r. The managing director shall be entitled to thirty (30) working days of paid vacation (exclusive of statutory holidays) each year at such times as the board may approve.

    s. The managing director shall be entitled to an annual familiarisation tour to any destination. SIC shall pay an amount not exceeding US$3,000.00 for an air ticket for the trip upon proof of undertaking the trip. The annual familiarisation benefit is a “use it or lose it” benefit.

    t. The managing director’s annual familiarisation tour shall be considered part of her entitled paid vacation days each year and shall therefore be deducted from the total entitled days when taken.

    u. The managing director shall be paid a per diem of US$810 for all international travels for seven (7) days towards the familiarisation tour referred to in section 5.3 (xiii). Payment shall commence before her departure.

    v. Provision of a personal accident and life insurance cover in an amount equivalent to five (5) times the managing director’s annual basic salary.

    w. In the course of her duties, the managing director shall be provided with a business-class airline ticket for official trips and be paid a per diem of US$810.00 per day.

    x. Payment of an annual bonus shall be based on the achievement of set targets. The amount payable shall be determined in accordance with the Bonus Policy of the company.

    y. Benefits and allowances that are not specified in this contract but to which the MD may be entitled will be paid at the current General Manager’s rate plus twenty (20) percent.

    The plaintiff claims that the salary and benefits outlined are to undergo a 15% annual increase review.

    See photos of the suit below:

  • SSNIT pays GHS510m in January pensions to over 253,000 retirees

    SSNIT pays GHS510m in January pensions to over 253,000 retirees

    The Social Security and National Insurance Trust (SSNIT) has paid a total of GH₵510.21 million in pensions to 253,601 beneficiaries for January 2025.

    This payment, processed on January 16, 2025, highlights SSNIT’s dedication to ensuring retirees receive their benefits promptly.

    As part of its annual indexation process, SSNIT increased monthly pensions by 12% for 2025 in collaboration with the National Pensions Regulatory Authority (NPRA), as mandated by Section 80 of the National Pensions Act, 2008 (Act 766).

    For January 2025, the highest monthly pension under PNDC Law 247 reached GH₵201,792.37, while the lowest stood at GH₵396.58. Meanwhile, under Act 766, the maximum pension was GH₵28,703.01, with a minimum of GH₵300 for new pensioners.

    In December 2024, SSNIT distributed GH₵454.05 million to 252,766 pensioners. At that time, the highest pension under PNDC Law 247 was GH₵186,777.58, and the lowest was GH₵409.10. For pensions under Act 766, the maximum was GH₵26,506.66, with the minimum still at GH₵300.

    The next pension payment is slated for February 20, 2025. SSNIT has encouraged workers to safeguard their retirement by declaring their full earnings to the Trust, ensuring a secure and lifelong pension.

  • Monthly pensions increased by 12% for 2025 – SSNIT

    Monthly pensions increased by 12% for 2025 – SSNIT

    The Social Security and National Insurance Trust (SSNIT) has announced a 12% increase in monthly pensions for 2025, aiming to cushion pensioners and improve their standard of living.

    The increment, which takes effect from January 2025, was approved in consultation with the National Pensions Regulatory Authority (NPRA) as mandated by Section 80 of the National Pensions Act, 2008 (Act 766).

    According to SSNIT, pensioners on its payroll as of December 31, 2024, will receive a composite increment consisting of a fixed 8% increase along with a flat amount of GH¢72.58, representing the balance of the 4% distributed to provide greater support for lower-earning pensioners.

    A statement from SSNIT explained: “Redistribution is a mechanism applied to the indexation rate to cushion low-earning pensioners in conformity with the solidarity principle of social security. As a result, pensioners will have an effective increment between 32.19% at the bottom end and 8.04% at the top end. Redistribution ensures that the minimum monthly pension of GH¢300 in 2024 will increase to GH¢396.58 in 2025, an effective increase of 32.19%.”

    For the highest-earning SSNIT pensioner under PNDC Law 247, their monthly payment will rise to GH¢201,792.37 in 2025, reflecting an 8.04% increase.

    The average monthly pension, on the other hand, will rise from GH¢1,776.81 in 2024 to GH¢1,990.03 in 2025.

    SSNIT further disclosed that approximately 63% of pensioners, particularly those receiving GH¢1,814.50 or less monthly, will experience increases ranging from 12% to 32.19%.

    Pension payments continue to be made on the third Thursday of every month.

  • SSNIT expands reach to informal sector workers through SEED Initiative

    SSNIT expands reach to informal sector workers through SEED Initiative

    The Social Security and National Insurance Trust (SSNIT) has reaffirmed its commitment to developing a stronger, more inclusive social system to benefit all pensioners.

    The Trust aims to fulfill its responsibilities efficiently, ensuring pension funds are used wisely to safeguard the future of workers and their families.

    SSNIT’s Director General, Mr. Kofi Bosompem Osafo-Maafo, highlighted the organization’s focus on creating a sustainable pension scheme to foster greater public trust and confidence.

    He made these remarks during an engagement with academics, professional bodies, and key stakeholders in Kumasi.

    The event, branded as the “SSNIT POSIUM,” sought to encourage stakeholder collaboration, provide a platform for national discussions on SSNIT matters, and promote transparency and dedication.

    Additionally, it aimed to explore the future of the pension system while building capacity among stakeholders.

    The meeting, themed “Building a Knowledge-Based SSNIT Scheme,” emphasized the importance of informed strategies to strengthen the Trust’s impact.

    Mr. Osafo-Maafo stated that SSNIT has consistently worked to improve social security since its establishment, striving to reshape perceptions about the sector in Ghana.

    He noted that the Trust is embracing innovation and making strategic choices to optimize returns and sustain the pension scheme.

    Expanding its reach, SSNIT has incorporated more individuals from the informal sector, leading to significant growth in enrolment.

    Mr. Osafo-Maafo assured that SSNIT’s benefits remain consistent, emphasizing that pensions are a long-term commitment requiring public confidence.

    Mr. Richard Manu, Manager of the Self-Employed Enrolment Drive (SEED) at SSNIT, stated that the Trust is committed to ensuring self-employed individuals have a reliable source of income during old age or in cases of disability.

    He added that SSNIT’s initiatives are aimed at boosting financial security for self-employed workers and their families, minimizing dependency, and broadening access to SSNIT benefits.

    SEED specifically focuses on integrating informal sector workers and self-employed individuals into the pension scheme.

    Mr. Manu highlighted that SSNIT owns the largest portfolio of commercial properties in Ghana, which has provided housing solutions to support workers and students.

    Professor Charles Ofosu Marfo, Provost of the College of Humanities and Social Sciences at KNUST, remarked that SSNIT is leveraging digital tools to increase membership and improve service delivery.

    The Trust is also addressing misconceptions and public concerns to ensure a robust pension system that will endure for future generations.

  • No govt has created more jobs than NPP – Bawumia

    No govt has created more jobs than NPP – Bawumia

    The New Patriotic Party’s (NPP) presidential candidate, Dr. Mahamudu Bawumia, has spotlighted the Akufo-Addo administration’s success in job creation, asserting it has surpassed previous governments.

    Referencing Social Security and National Insurance Trust (SSNIT) data and additional sources, Dr. Bawumia reported that around 2.6 million jobs have been generated, with 1.4 million positions in the private sector and 1.2 million in the public sector.

    He underscored that these figures represent the government’s dedication to bolstering Ghana’s economy and providing more opportunities for citizens.

    Dr. Bawumia also acknowledged the current economic challenges, but he reassured Ghanaians of his commitment to continued job creation efforts if elected in December.

    “We have done a remarkable job in creating jobs in the last seven years, indeed so far, as of yesterday or a day before…I checked the data from SSNIT and other sources and so far, between 2017 and 2024, the latest data is that we have created 2.6 million jobs.

    “1.4 in the private sector and 1.2 in the public sector. This is the highest of any government in the 4th Republic and the highest job creation. We have more to do because we still have high unemployment. Our youth still need jobs,” Bawumia said during his Engagement with the Youth in Accra on Sunday, November 3.

  • Govt pays GHS2.5bn debt owed SSNIT

    Govt pays GHS2.5bn debt owed SSNIT

    The government has settled GH¢2.5 billion in bonds owed to the Social Security and National Insurance Trust (SSNIT), as announced by Director-General Kofi Osafo-Maafo during a stakeholder engagement with pensioners in Kumasi.

    He highlighted that, as of August, SSNIT had disbursed over GH¢3.7 billion in pensions to more than 250,000 retired workers nationwide.

    Mr. Osafo-Maafo reaffirmed SSNIT’s commitment to enhancing the efficiency and sustainability of the pension scheme, emphasizing its role as a vital lifeline that has consistently provided financial security and dignity to retirees since 1991, without any delays in pension payments.

    SSNIT also projected a surge in enrolments under its Self-Employed Enrolment Drive (SEED), which could attract up to 250,000 participants in the coming year.

    Since its launch in May 2023, the SEED initiative has enrolled around 120,000 self-employed individuals as of September. The campaign aims to extend the National Social Security scheme to self-employed workers, allowing them to retire with security and dignity.

    Chief Actuary Joseph Poku attributed the anticipated enrolment growth to the campaign’s rapid expansion, driven by the Operation-A-Thon (Ops-A-Thon) sensitisation tour, which has been actively raising awareness in major towns across the country.

    As part of Ops-A-Thon, SSNIT staff have been visiting business hubs, markets, and streets in selected towns, distributing flyers and displaying placards to inform self-employed workers about the benefits of joining the SSNIT Scheme.

    Awareness events have already been successfully held in locations such as Wa, Techiman in the Bono East Region, Koforidua in the Eastern Region, and Tarkwa in the Western Region.

  • Govt settles GHS2.5bn debt to SSNIT with bonds

    Govt settles GHS2.5bn debt to SSNIT with bonds

    Approximately 2.5 billion cedis of the government’s GH₵5 billion debt to the Social Security and National Insurance Trust (SSNIT) has been settled through the issuance of bonds.

    This information was disclosed by Kofi Osafo-Maafo, the Director-General of SSNIT, who noted that the payment followed extensive negotiations with the government to enhance the financial stability of the scheme.

    An independent actuarial assessment indicated that the government’s delays in addressing its debts adversely affected SSNIT’s investment potential.

    As of December 31, 2021, SSNIT reported a total debt of GH₵9.3 billion, with the government responsible for a significant GH₵6.9 billion, accounting for about 75% of the Trust’s total indebtedness, which includes overdue contributions and accrued interest.

    This considerable government debt places Ghana’s pension fund in a precarious situation, resulting in an annual decline of 1.3% in SSNIT’s investment returns.

    However, during a stakeholder meeting with pensioners in Kumasi, the SSNIT Director-General confirmed that the government has made progress in settling approximately GH₵2.5 billion of its debts

    “The government owes SSNIT and this is not a new thing. It’s probably span way over 10 years. Overtime and continuously we need to engage government and negotiate with them. And what we have had recently is that we’ve made some successes with that. The government most recently defrayed approximately 2.5 million cedis of the arrears in the form of bonds,” he said.

    The trust is on a positive trajectory after making a net surplus of GH¢864million in 2023 from an initial deficit in 2021.

    Mr. Osafo-Maafo explains the Trust anticipates similar results by the end of year, influenced by improvements in contributions collection, investment income and cost control.

    “We are striving very hard to improve the net contributions, we are working hard to improve the net investment income and as well managing the business better,” he said. 

    Chief Actuary, Joseph Poku says the trust is working to ensure more contributions are generated to run the scheme in perpetuity. 

    “We are doing everything that we are suppose to do to ensure that we bring in new funds, have excess funds after paying the benefits put them in investments and make sure we manage those investments prudently to get more returns and add to the funds that are coming in,” he said.

    Ashanti regional chair of the Pensioners’ Association, Adarkwa Tuffour emphasized on strengthening, safeguarding and improving it.

    “SSNIT has been and continue to be the lifeline of thousands of Ghanaians, therefore we must safeguard, strengthen and improve the scheme. We must recognize and appreciate its value,” he said.

  • SSNIT contribution by private sector surges by 2.4% – BoG Report

    SSNIT contribution by private sector surges by 2.4% – BoG Report

    The Bank of Ghana’s Monetary Policy Report for July has revealed an increase in private sector contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1).

    The report highlights a 2.4% rise in SSNIT contributions for the first half of 2024, reflecting steady growth in labor market activities within the manufacturing sub-sector.

    In May 2024, total private sector workers’ contributions surged by 39.6% year-on-year to GH¢470.92 million, compared to GH¢337.23 million during the same period in 2023. Cumulatively, for the first five months of 2024, contributions grew by 28.8%, amounting to GH¢1.97 billion, up from GH¢1.53 billion recorded in the corresponding period of 2023.

    The total number of private sector SSNIT contributors, which is used as a gauge of employment conditions, also saw a 2.7% increase to 1,007,341 in May 2024, compared to 980,808 during the same period in the previous year. For the first five months of 2024, the total number of contributors rose by 4.8% to 5,063,676, from 4,829,487 recorded in 2023.

    Employment growth which may have resulted from the progress recorded in the manufacturing sub-sector is said to have spurred the surge in contributions.

    The Bank of Ghana’s report also indicates an improvement in direct tax collection, with total direct taxes increasing by 43.7% year-on-year in May 2024 to GH¢4.11 billion, compared to GH¢2.86 billion in May 2023. The cumulative total direct taxes collected for the first five months of 2024 amounted to GH¢22.19 billion, up 31.6% from GH¢16.86 billion during the same period last year.

    Income tax, comprising PAYE and self-employed contributions, accounted for 48.8% of the total direct tax collected, while corporate tax contributed 38.4%, and other tax sources added 12.8%.

    In terms of labor demand, the number of jobs advertised in selected print and online media remained stable, with a total of 2,968 job adverts in June 2024, slightly down from 2,993 in June 2023. Cumulatively, job adverts for the first half of 2024 increased by 2.4% to 17,278, compared to 16,866 during the same period in 2023.

    These trends, as outlined in the Bank of Ghana’s report, reflect positive developments in the country’s labor market and overall economic performance.

  • SSNIT expects to see improvement in its financial performance before end of 2024

    SSNIT expects to see improvement in its financial performance before end of 2024

    The Social Security and National Insurance Trust (SSNIT) is anticipating a solid financial outlook for 2024, attributed to notable gains in its investment returns and enhanced operational efficiency.

    SSNIT Director-General, Kofi Osafo-Maafo, highlighted during a stakeholder address that the trust has significantly improved its financial standing over the past few years.

    In 2021, SSNIT faced a deficit but managed to achieve a GH¢230 million surplus by 2022. This upward trend continued in 2023, with a surplus of GH¢864 million.

    Mr. Osafo-Maafo noted that the trust expects a similar performance in 2024, driven by better contributions collection, higher investment returns, and effective cost management.

    “This financial progress is a testament to our prudent management of investments and effective operational strategies,” Osafo-Maafo said. “The figures reflect SSNIT’s commitment to improving its services and ensuring sustainability of the pension scheme.”

    The Director-General also noted that SSNIT’s efforts to streamline its operations have been bolstered by the compliance of employers. This cooperation has allowed SSNIT to maximise the use of digital platforms to improve contribution collection and payment processes.

    SSNIT has paid out a total GH¢3.2billion in benefits to its members in the first half of 2024, underscoring the trust’s pivotal role in supporting retirees. These payments included over GH¢2.8billion in old-age pensions to 248,554 beneficiaries; GH¢15.6million for invalidity pensions to 1,666 individuals; GH¢51.5million in old-age lump-sums to 2,941 retirees; and GH¢258.6million as survivor’s lump-sums to 14,493 beneficiaries.

    These figures highlight the trust’s dedication to alleviating old-age poverty and ensuring financial stability for retirees. Osafo-Maafo stated that SSNIT is committed to maintaining this level of support while also exploring new ways to improve the pension scheme’s sustainability.

    One of the event’s key themes was the trust’s commitment to leveraging technology for enhancing service delivery.

    Mr. Osafo-Maafo highlighted how digital platforms are making pension services more efficient, reducing delays in processing pension claims and simplifying administrative procedures.

    “In the past, there were concerns about the time it took to get pensions paid and submit contribution reports. Over the years, we have made significant improvements in those areas,” he stated.

    He further outlined the introduction of various digital services – including a mobile app and other online platforms designed to facilitate seamless engagement between contributors and the trust.

    During the event, Ms. Juliana Kpedekpo, SSNIT’s Deputy Director-General for Operations and Benefits, provided an update on the trust’s Self-employed Enrolment Drive (SEED). Launched in 2023, SEED aims to extend pension coverage to self-employed individuals and workers in the informal sector.

    “The SEED initiative has been highly successful, with enrollment growing from 13,000 in May 2023 to over 100,000 within a year,” Ms Kpedekpo announced.

    She acknowledged the progress made but reiterated a need for continued efforts to ensure that all workers are covered under the SSNIT scheme.

    “Our goal is to provide every worker in Ghana with the opportunity to retire with dignity and comfort,” she added.

    The trust’s positive financial projections for 2024, combined with its ongoing efforts to expand pension coverage and improve service delivery, reflect SSNIT’s determination to strengthen Ghana’s social security system.

  • Over 103,000 self-employed Ghanaians join SSNIT’s SEED program

    Over 103,000 self-employed Ghanaians join SSNIT’s SEED program

    More than 103,292 self-employed individuals have joined the Social Security and National Insurance Scheme (SSNIT) through the newly launched Self-Employed Enrolment Drive (SEED), aimed at increasing pension coverage for those in the informal sector.

    Introduced in May 2023, the SEED initiative has made significant strides in expanding financial security among Ghana’s self-employed workforce, marking a major milestone in pension coverage efforts.

    During a news briefing organized by the Ministry of Information in Accra, Minister of Employment, Labour Relations, and Pensions, Mr. Ignatius Baffour Awuah, shared this update.

    He emphasized that SEED was created to address the persistent challenge of inadequate pension coverage for self-employed workers, who make up a large segment of the labor force.

    The initiative provides self-employed individuals with customized benefits and flexible contribution options, aiming to offer them the same level of financial security as those employed in the formal sector.

    “With the launch of SEED, we are making pensions accessible to every Ghanaian, regardless of their employment status.

    This initiative is a significant change for self-employed individuals who previously lacked the means to secure their future through pension contributions,” Mr Awuah explained.

    He reported that in the first half of 2024, SSNIT collected 90.8% of its projected private sector contributions, totaling GHS 2.4 billion. This was slightly below the expected GHS 2.6 billion.

    The Minister noted that contributions from the public sector exceeded expectations, with SSNIT collecting GHS 3.2 billion, which is 144% of the projected GHS 2.2 billion.

    Additionally, the SEED initiative has already brought in GHS 52.6 million in contributions, and this amount is expected to increase as more self-employed individuals enroll in the Scheme.

    “Our focus is not just on expanding coverage, but also on ensuring that these contributions translate into meaningful benefits for our members.

    “The success of the SEED so far is a testament to the trust that self-employed Ghanaians have placed in SSNIT to safeguard their future,”Mr Awuah added.

    He highlighted that SSNIT’s total assets have experienced significant growth, rising from GHS 15.2 billion in December 2016 to GHS 71.69 billion by March 2024. This represents an impressive 350% increase over seven years.

    These assets are crucial for investment, infrastructure development, and job creation, supporting broader economic growth in the country.

    The Minister reaffirmed the government’s dedication to the prudent management and safeguarding of pension funds.

  • More than 250,000 retirees receive support from GHS447m embezzled by SSNIT

    More than 250,000 retirees receive support from GHS447m embezzled by SSNIT

    The Social Security and National Insurance Trust (SSNIT) has distributed a substantial GH¢447.07 million to 250,580 pensioners for August 2024.

    This payment, issued on Thursday, August 15, 2024, covers pension benefits under both PNDC Law 247 and Act 766, demonstrating SSNIT’s continued commitment to securing the financial stability of retirees across Ghana.

    SSNIT reported that the highest monthly pension under PNDC Law 247 reached GH¢186,777.58, while the maximum under Act 766 was GH¢26,509.66.

    The smallest monthly pension for current pensioners was GH¢409.10, while the minimum for new pensioners was established at GH¢300.00.

    The next pension distribution is scheduled for September 19, 2024.

  • Akufo-Addo breaks silence on the sale of SSNIT hotels 

    Akufo-Addo breaks silence on the sale of SSNIT hotels 

    President Nana Addo Dankwah Akufo-Addo has for the first time commented on the raging debate on the sale of four hotels in which the Social Security and National Insurance Trust (SSNIT) holds majority shares. 

    Addressing the issue at the 12th Quadrennial National Delegates Congress of the Trades Union Congress on August 20, Akufo-Addo countered claims that SSNIT is mismanaged, highlighting that the pension scheme continues to achieve notable financial success.

    He added that the impressive financial performance of the Social Security and National Insurance Trust (SSNIT) in its 2023 report should settle concerns about the Trust’s decision to divest from certain underperforming assets.

    “Active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to 2 million as of April 2024. The National Pensions Regulatory Authority has expanded its zonal offices from 2 in 2016 to 6 thereby enhancing visibility and bringing its services closer to the people.”

    “Coverage of pensions in the informal sector also increased from ninety-one thousand two hundred and fifty-three in 2016 to eight hundred and seventeen thousand four hundred and forty-four currently.”

    “Total assets under management have grown from 15.7 billion cedis in December 2016 to 71.6 billion cedis in March 2024,” the President stressed.”

    The President’s reaction is a direct response to a protest led by Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, and Organised Labour in June. The demonstrators had called for the immediate dissolution of the SSNIT Board and the resignation of senior management over the sale of 60% of SSNIT’s holdings in the four hotels.

    President Akufo-Addo has also labeled the controversies regarding the sale of the hotels to Rock City Hotels, owned by his Minister of Agriculture, Bryan Acheampong, as unwarranted.

    “I take note in particular of the improved performance of SSNIT which recently announced a surplus of 230 million cedis on its operation. This should be reassuring to Organised Labour and perhaps bring into sharp relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload none performing assets in its hotel portfolio.

    “It is my understanding that the transaction that was aborted represented the only occasion in recent history of SSNIT that external investors sort to invest in SSNIT’s holdings.

    “All of us need to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners,” Akufo-Addo added.

  • We give out more than we receive – SSNIT bemoans benefit-contribution gap

    We give out more than we receive – SSNIT bemoans benefit-contribution gap

    The Social Security and National Insurance Trust (SSNIT) is facing a pivotal challenge due to the widening gap between benefit payouts and contributions.

    This issue was highlighted by SSNIT Director-General Kofi Osafo Maafo during the 2024 Operations and Benefits Conference at Elmina Beach Resort.

    Over the past decade, benefit payments under the SSNIT scheme have surged significantly, climbing from GH¢941.27 million in 2014 to over GH¢5.4 billion in 2023. In contrast, contribution collections have increased more slowly, rising from GH¢1.7 billion to just over GH¢6 billion during the same period.

    Mr. Maafo pointed out that this growing disparity, where benefit payments are outstripping contributions, represents a major challenge for the Trust.

    “This situation in which the Trust pays out more than it collects should be a source of great concern to all of us,” Mr. Maafo warned.

    He attributed the growing disparity to multiple factors, including the maturing phase of the SSNIT Fund and the rising number of retirees accessing benefits. He also noted that changes brought about by the National Pensions Act 2008 (Act 766) have intensified the Trust’s challenges.

    Mr. Maafo highlighted that the reduction in the scheme’s funding rate from 17.5 percent to 11 percent, coupled with a shorter vesting period and enhanced benefits, has contributed to the financial strain on SSNIT.

    While acknowledging these legislative adjustments, he emphasized the need for innovative strategies to mitigate their effects until the law can be revised.

    Mr. Maafo identified one of the immediate challenges as the inconsistent payment of contributions by public sector workers, particularly those under the Controller and Accountant General’s Department. As the government is the largest employer, delays in this sector’s contribution payments put considerable pressure on SSNIT’s resources.

    He warned that unless this problem is promptly addressed, it could impair the Trust’s capacity to fulfill its future obligations.

    To tackle these challenges, Mr. Maafo proposed a strategic approach focusing on three main areas: broadening the coverage of the SSNIT scheme, enforcing compliance, and implementing advanced technology to manage the Trust’s operations.

    He underscored the importance of increasing active membership to boost contribution collections and ensure the scheme’s long-term viability.

    The SEED (Self-Employed Enrollment Drive) initiative, aimed at incorporating more workers into the scheme, was highlighted as a crucial strategy. However, Mr. Maafo raised concerns about current enrollment numbers falling short of targets.

    SSNIT is focusing significantly on technology to address sustainability issues within the scheme.

    The Director-General announced that SSNIT management, supported by the operations team, will soon introduce a digital solution called the ‘SSNIT Digital Bouquet’.

    This initiative will feature a new website, portal, an upgraded USSD platform, and the much-anticipated SSNIT Mobile App.

    He expressed hope that these digital advancements will enhance service delivery and facilitate more convenient, regular contributions from members and employers.

  • Recent progress made at SSNIT is encouraging – Osafo-Maafo

    Recent progress made at SSNIT is encouraging – Osafo-Maafo

    Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has highlighted the progress made in enhancing the trust’s operations.

    During the 2024 annual operations and benefits conference in Elmina, Central Region, Osafo-Maafo outlined the management’s strategic focus on three main pillars to ensure the trust’s continued success.

    Osafo-Maafo emphasized that the key strategies involve focusing on the scheme’s sustainability, integrating advanced technology, and ensuring that benefits are adequate.

    He expressed that these measures are essential for maintaining and improving the scheme’s effectiveness.

    The Director-General noted that the conference aims to devise strategies for expanding the scheme’s coverage and leveraging the latest technologies.

    Despite steady improvements in contributions from both private and public sectors, Osafo-Maafo voiced concerns about the significant arrears owed by public sector institutions to the trust.

    “From management’s perspective, the strategic direction of this institution is based on three pillars. The sustainability of the scheme and its improvement. Indeed, we have made significant strides in improving the sustainability of the scheme. This is going to be done through the expansion of coverage, enforcement of compliance, prudent investment of funds and responsible governance of the Trust and its investments.”

    “Secondly, the adoption of state-of-the-art technology for the management and maintenance of accurate and complete data, reliable financial data on members and also for improving our efficiency. And indeed, for those who have been here long enough, I think that there is good evidence that technology has definitely improved.

    “I think if you were to look ten years ago, if you were going out you needed a pickup truck and four or five people or more to carry the various boxes across.”

    “Today, that task is not as arduous and in fact, I believe that our MIS team are going to ensure that all you will require in the future, you could probably put in your pocket or put in a very small bag and you could get going. his year’s conference discussions.”

    “The third pillar is to ensure benefits are adequate. We’ve taken significant strides to ensure that this aspect has improved significantly. And indeed, if we look at the data that we have for the private sector, the public sector, and also total contributions, there have been marked improvements. But as I always say, we can always do better and each year, we must strive to do better.”

  • 3 things ‘Agyapadie’ document predicted that have happened

    3 things ‘Agyapadie’ document predicted that have happened

    A controversial 38-page document titled ‘Agyapadie,’ which prominently features the Okyenhene, Osagyefo Amoatia Ofori Panin, alongside President Nana Akufo-Addo and his late father, has resurfaced, reigniting discussions about its contents.

    The document, whose author remains unidentified, outlines strategies for a particular family or clan to establish significant influence and control over key sectors of Ghanaian society, including the economy, politics, media, judiciary, telecommunications, and banking.

    First made public over eight years ago, the document has recently gained renewed attention due to certain events in Ghanaian politics that appear to align with its predictions.

    This article will take a dive into three actions that were projected to happen in the document that have materialised.

    SSNIT and Kofi Bosompem Osafo Maafo

    The Agyapadie document predicted that the son of the Senior Presidential Advisor, Yaw Osafo-Maafo, would find his way into the Social Security and National Insurance Trust (SSNIT) to aid entry into Ecobank.

    “ii. Ecobank: We have two routes of entry into this institution. First is through SSNIT, which has a seat on the Board of Ecobank Ghana by virtue of its shareholding. That seat is occupied by the Director General of SSNIT. In Phase 2 of our agenda, Kofi Bosompem Osafo Maafo, who is a Deputy Director General of SSNIT, should be made the DG to give him the seat on the Ecobank (Ghana) Board,” the document stated.

    In April 2024, President Akufo-Addo appointed Kofi Osafo-Maafo, the son of Osafo-Maafo, as the new Director-General of the Social Security and National Insurance Trust (SSNIT), following seven years of serving as Deputy Director-General.

    He replaced Dr. Ofori-Tenkorang. In a statement released on Saturday, April 13, Eugene Arhin, the Director of Communications at the Presidency, explained that Dr. Ofori-Tenkorang’s dismissal was not a result of misconduct or malfeasance.

    The Presidency asserted that Dr. Ofori-Tenkorang’s departure is part of the ongoing restructuring initiated by President Akufo-Addo.

    Kofi Osafo-Maafo assumed responsibilities on Monday, April 15, 2024.

    Bawumia to succeed Akufo-Addo

    While stressing the need to intensify Databank’s presence as a government adviser on financial transactions, the ‘Agyapadie’ document made mention of the succession of Vice President Dr Mahamudu Bawumia in the New Patriotic Party (NPP).

    The document noted that the role of Databank would be to generate the needed funds to aid the succession plan.

    “Biological Children: Databank is a household name in the financial industry. It is our beloved child in the industry. Its presence as government adviser on financial transactions is to be intensified, including knobbing interested foreign companies to partner with Databank on such issues. In furtherance of this end, all major government financial transactions are to be executed in the first two years of Nana’s 2nd term. This will bring in the needed funds to fight the battle to install Bawumia as part of the succession plan to the advantage of Bawumia,” the document stated.

    On Saturday, November 4, 2023, Vice President Dr Mahamudu Bawumia was declared winner by the Electoral Commission at the Accra Sports Stadium, as the flagbearer of the New Patriotic Party after his contenders, Honourable Kennedy Ohene Agyapong (Assin Central Member of Parliament) polled 71,996 votes, representing 37.41%, Dr. Owusu Afriyie Akoto (former Minister for Agriculture) polled 1,459 votes, representing 0.76% and Honourable Francis Addai-Nimoh (former Member of Parliament of Mampong) polled 781 votes, representing 0.41%.

    Vice President Dr. Mahamudu Bawumia won the 2023 Presidential Primaries with 118,210 votes, representing  61.47% of the total valid votes cast.

    Following Dr Bawumia’s victory, Alan Kyerematen, one of the contenders resigned from the party.

    Mr Kyerematen lamented that the New Patriotic Party has gone through an unhealthy transition in recent years and has been hijacked by some selected party leaders of which he can no longer be a part.

    “I have devoted the best part of my professional career to serving the Party, and I still believe in the vision of the founding fathers of the Party. However, the NPP as it exists now has very little resemblance to the Party that I joined in 1992 and helped to nurture. The Party has been hijacked by a selected group of Party leaders and elders, government appointees, “behind the curtain power brokers” and some unscrupulous Party apparatchiks.”

    Introduction of Kelni GVG

    The ‘Agyapadie’ document alleged that the New Patriotic Party (NPP) doesn’t have much foothold in the telecommunication sector, and as such will have the “successful planting of Kelni GVG into the telecom sector” to give “unparalleled advantage in terms of having a view of activity flow within the sector and the ability to monitor communication of persons of our choosing.”

    The document further adds, “The intelligence gathering power allows us to target and eliminate any potential threat from within the NPP; particularly those not inherently loyal to our cause and Nana’s, which include members of the opposition NDC.”

    “Our sister in charge of the ministry responsible for this sector is doing remarkably well especially her confrontations with MTN Ghana resulting in administrative measures aimed at curtailing the business of MTN. From 2021, legislation will need to be introduced to breakup the business of MTN using national security and anti-trust reasons as justification. Our loyal allies will then be enabled to occupy the spaces to be ceded by MTN. such entry will yield significant strategic advantages over our competitors.”

    In May this year, investigative journalist Manasseh Azure Awuni expressed concerns over the contract awarded to NextGen InfraCo Ltd. for the 5G network rollout.

    In a Facebook post on Thursday, May 30, Awuni highlighted that the company was incorporated barely a week before President Akufo-Addo granted executive approval for the deal.

    Awuni pointed out that the contract, estimated to be worth hundreds of millions of dollars, was awarded through sole sourcing, without giving other companies the opportunity to bid for the project. This lack of competitive bidding raises suspicions about the transparency and fairness of the procurement process, according to Awuni.

    Before these claims, the government had announced a partnership with seven industry leaders to develop a new shared infrastructure aimed at delivering affordable 5G mobile broadband services across Ghana. The partners, including Ascend Digital, K-NET, Radisys, Nokia, Tech Mahindra, and two telecommunications companies – AT Ghana and Telecel Ghana, have formed the Next-Gen Infrastructure Company (NGIC), which has been awarded a 5G license.

    Communications and Digitalisation Minister Ursula Owusu-Ekuful has confirmed that NextGen InfraCo, the company awarded the contract for the rollout of the 5G network, was established just one week before receiving the contract.

    Madam Owusu-Ekuful clarified that the company was specifically created for this purpose because there was no existing neutral infrastructure company capable of handling the rollout at that time.

    During a press briefing on the 5G rollout, she elaborated on the government’s reasoning behind this decision. She noted that auctioning the contract was not pursued due to previous experiences and setbacks that had hindered the rollout of the country’s 4G technology, which has achieved only a 15% nationwide penetration since its introduction in 2015.

    The Minister highlighted that the challenges faced during the 4G rollout influenced the government’s approach to the 5G deployment. By directly awarding the contract to a newly created entity, the government aims to avoid similar obstacles and expedite the implementation process for the 5G network.

    The Member of Parliament for Ablekuma West provided insight into the government’s strategic decision-making process, emphasizing the need for a dedicated infrastructure company to ensure the successful and timely rollout of 5G technology across the country.

    “This is a special purpose vehicle and once the government took the decision that we will use a neutral infrastructure company to deliver this service, there is no existing neutral infrastructure company that can deliver it at the moment.” 

    “So, it had to be specifically formed for the purpose of delivering this service based on the strategic policies and decisions of the government, and it is borne out of our experiences and that is why we chose not to auction it,” she stated.

    The ‘Agyapadie’ document has gotten many Ghanaians concerned, especially after some of its predictions have materialised.

    A leading member of the governing New Patriotic Party (NPP), Dr Arthur Kennedy, has expressed difficulty in accepting that the ‘Agyapadie’ document is fictitious and holds no relationship with Ghana’s present situation.

    He noted that when he came into contact with the document some years ago, he dismissed it but can no longer do so since recent happenings cannot be left to coincidence.

    “I would have agreed with the president a year ago……but the problem is as time has gone on there are things in the document that have gone on so if it was indeed a fake document, whoever has prepared the document has very good prophetic skills because a lot of the things they are predicting are coming true. So it is very difficult to see these things that are coming true,” he said in an interview on TV3.

    On August 1, 2024, President Akufo-Addo addressed growing speculation about the document, which is purported to be a strategic plan of the Akyem faction within the ruling New Patriotic Party (NPP).

    The president and the government New Patriotic Party (NPP) have dismissed the document as a fabrication, attributing its circulation to political adversaries aiming to discredit the party and its affiliates.

    The Okyenhene, Osagyefo Amoatia Ofori Panin, has also denounced the document as a baseless creation by those intent on sowing discord and inciting animosity towards the Ofori Panin family and the Okyeman community.

    Below is the ‘Agyapadie document’.

    Agyapadie-Download

  • Critics of SSNIT’s 60% hotel diversification call for feasible alternatives

    Critics of SSNIT’s 60% hotel diversification call for feasible alternatives

    In the aftermath the Board and Management of the Social Security and National Insurance Trust (SSNIT) decided to find a strategic investor for its hotels, a variety of media commentaries and articles have emerged regarding this move.

    Some of these perspectives aim to clarify why SSNIT needs to sell 60 percent of its hotel shares to a private investor for management and dividends, while others seem to intentionally damage the institution’s reputation.

    Despite these criticisms, it is crucial for the public, especially workers, to recognize that the SSNIT scheme is stable and that pensions for retirees accurately reflect their earnings during active service. In fact, the same scheme criticized for low pensions is providing monthly pensions of GH¢25,000, GH¢50,000, GH¢93,000, and even over GH¢186,000 to its beneficiaries.

    It is noteworthy that the effort to divest SSNIT’s 60 percent share in the hotels began in 2010. It wasn’t until 2017-2018 that the current Board endorsed a Competitive Tendering process to appoint a transactional advisor and select a strategic investor, in line with the Procurement Act. Thus, this process is neither recent nor secretive.

    Since SSNIT transitioned from a Provident Fund to a Pension Fund in 1991, it has reliably fulfilled its financial duties, ensuring the prompt payment of monthly pensions and benefits to eligible recipients. Its strong financial standing guarantees that all legitimate claims are processed and settled without delay.

    Given this, it is perplexing that some would question SSNIT’s ability to meet its financial commitments based on recent events, such as the proposed sale of a 60 percent stake in SSNIT hotels and concerns raised by the Labour Union. These doubts seem to be driven by malice and lack merit. Similarly, accusations of mismanagement, poor investment, and questionable decisions leading to financial and operational issues are unsupported by the current evidence.

    This article will address various comments and articles that were written with the intent to undermine the institution, and I will provide my honest perspective on them.

    Financial/operational performance & benefits payment

    Some critics have noted that SSNIT experienced a major drop in total income in 2021, primarily due to an 18% decrease in net contributions, which fell from GH¢4,106,623,000 in 2020 to GH¢3,368,335,000. They argue that this decline reflects poor management decisions in handling and expanding the Scheme’s main revenue source.

    Additionally, they claim that the issue stems from political appointees running SSNIT who lack the necessary expertise in finance and social security management.

    Upon reviewing SSNIT’s 2021 Annual Report, it is clear that these criticisms are inaccurate and misleading. The actual total operating income for SSNIT in the 2021 financial year was GH¢3,903,635,000, not GH¢3,368,335,000. While the figure cited (GH¢3,368,335,000) is correct, it represents the net contributions received, not the total income.

    Although SSNIT’s total operating income decreased from GH¢4,664,768,000 in 2020 to GH¢3,903,635,000 in 2021, this reduction is not due to mismanagement as suggested. The claims of mismanagement are fundamentally incorrect, misguided, and seem to be driven by ill intent.

    Why the decrease?

    The Bank of Ghana (BoG) in 2021 directed banks and Specialised Deposit-Taking Institutions (SDI) not to pay dividend to shareholders for the 2020/21 financial year. According to the central bank, this directive was to ensure that the banking sector generally remained robust and resilient in the era of Covid-19 Pandemic. As the largest investor in Ghana’s financial sector (SSNIT) and having invested in 22 out of 36 stocks under the Ghana Stock Exchange, these investee banks did not pay dividends to SSNIT because of the directive from BoG.

    Again, reports gathered suggest that in 2020, SSNIT received GH¢2.6bn from the Controller and Accountant General’s (CAGD). This payment consists of GH¢1 billion in Government of Ghana (GoG) bonds as part payment of CAGD’s indebtedness to SSNIT and the remaining GH¢1.6 billion paid in cash to settle legacy debts – which dates back to past governments. Whereas in 2021, SSNIT received only a cash amount of GH¢1.39 billion from the CAGD without any bonds.

    Therefore, the decrease in total operating income cannot be classified as poor management decision, political interference, mismanagement nor a lack of requisite expertise. However, government’s dynamics regarding payment of contributions of public sector workers plays a crucial role in shoring up the total income of SSNIT.

    Already, SSNIT has noted it will continue to engage with the Government to settle the remaining arrears (principal) of its indebtedness, as well as penalties and accrued interests. Sources close to SSNIT have confirmed that these ongoing engagements have recently resulted in a positive outcome, with the Government settling approximately GH¢2.5 billion owed SSNIT.

    In terms of benefits paid to beneficiaries, more than GH¢3.6 billion was paid out as benefits for 2021 as compared to GH¢3.3 billion paid in 2020, representing an increase of 9.86percent. This demonstrates SSNIT’s commitment to honour its financial obligations to its beneficiaries coupled with the fact that the average processing time for pensions improved from 12 days in 2020 to 10 days in 2021. This indicates that the current Management of SSNIT has significantly improved on their operations and service delivery.

    Investment, expenditure and political interference

    As of December 31, 2021, the total investment portfolio of the Trust had increased by 12.13percent from GH¢10,084.36 million in 2020 to GH¢11,307.75 million which shows prudent investment strategies. The significant improvement in returns is mainly due to the excellent performance of listed equities under the Ghana Stock Exchange.

    So, for someone to suggest mismanagement and questionable decision on the part of current Management of SSNIT in this regard, this evidence cited above points that their claim of mismanagement and political interference is ambiguous, vague and “outmoded at birth.”

    Over the past years, SSNIT’s Investment Portfolio has grown by 21.31 percent, from GH¢9,321.45 million in 2017 to GH¢11,307.75 million in 2021, representing a compounded annual growth of 4.95percent over the five-year period under review.

    To address the issue of a surge in total expenditure, it is important to consider both direct costs and operational &administrative costs. SSNIT is mandated by Article 80 of the National Pensions Act, 2008 (Act 766) to annually review and index pension payments. As long as it adheres to this mandate, coupled with the increasing number of retirees on a daily basis, it is expected that the SSNIT’s direct costs and expenditures will rise.

    The increase in expenditure cannot be attributed to mismanagement, questionable decisions, or political interference by the Government, but to improve the lot of pensioners as SSNIT seeks to maintain the Pensioners’ purchasing power.

    Position of the trust/contributor base

    The active contributor population increased from 1,633,505 in 2020 to 1,734,168 in 2021, representing a modest growth of 6.16percent. The current number of active contributors is more than 1.9 million, information available on SSNIT website suggests.

    In addition, the number of pensioners also decreased from 227,407 to 225,768, representing a dip of 0.72percent. This decrease was as a result of the mass deactivation of the names of 22,920 pensioners from the Pension Payroll for the non-renewal of their Pensioner Certificates. At any point when a deactivated pensioner resurfaces, they are reactivated on the Scheme and paid what is due them.

    Following the recent External Actuarial Valuation Report by the International Labour Organisation (ILO), SSNIT noted that theScheme receives contributions and has enough funds to pay accruing benefits due members. Indeed, the Scheme is partially funded and that pensions and its related benefits are funded from contributions and returns from investments. Over the past years, there has been steady growth in contributions and investment returns. This growth is well supported by the current demographics and the SSNIT’s resilience in enrolling new workers, particularly the self-employed, and encouraging them to contribute to the Scheme.

    Recently, it was reported that over 100,000 self-employed individuals have joined SSNIT and are actively contributing. This is certainly a good step by Management in their attempt to provide income security for workers and ensure that all workers get pension upon retirement. People cannot underestimate these achievements for political gains.

    Portfolio performance

    It should be noted that SSNIT does not make investments without guidance. All investment decisions are made in accordance with its Investment Policy & Guidelines and approved by the sector regulator, the National Pensions Regulatory Authority (NPRA). According to SSNIT’s Annual Report for the period ended 2021, Gross Investment Income recorded in 2021 amounted toGH¢495.54 million. This amount represents an increase of 0.79percent compared to the 2020 figure of GH¢491.64 million.

    SSNIT has indicated that it will continue to appraise and restructure its investment portfolio in accordance with their Investment Policy & Guidelines to achieve short-to-medium term investment objectives. The move goes to suggest that the organisation is well positioned to withstand any economic downturn as it did when the Covid-19 Pandemic struck. When companies were laying off employees and/or downsizing, SSNIT paid over 200,000 Pensioners on its pension payroll throughout the Covid period.

    These points demonstrate SSNIT’s commitment to financial prudence, investment growth, and operational efficiency amidst challenging conditions as against the call by some social commentators that SSNIT is in operational crisis, necessitating urgent restructuring. Such calls cannot be substantiated with facts and should be ignored.

    Sale of 60 percent shares and conflict of interest

    Reports reveal that more than GH¢200 million has been invested in hotels, yet SSNIT has not received any dividends in return. Those who oppose the Trust’s decision to divest a 60percent stake in the hotels to a private investor should propose viable alternatives to revive these properties. Definitely, SSNIT should not continue investing workers‘ contributions and pensioners’ fund into underperforming assets.

    Importantly, both the SSNIT Board and Management have been proactive in safeguarding the Scheme, stating their commitment to ongoing engagements with stakeholders, particularly Labor Unions, to chart the way forward. Regarding conflict of interest that has been widely talked about, I would want to hold on and defer my submission until the Commissioner on Human Rights and Administrative Justice (CHRAJ) completes their investigation, releases their findings before expressing my candid opinion.

    Conclusion/SSNIT’s value proposition

    A value proposition demonstrates the uniqueness of a product a brand offers to members, clients, and the public that no other competitor provides. The SSNIT Scheme, for example, offers unique value and pays benefits promptly. For instance, SSNIT pensioners, including my father, will attest that they receive payment alerts every third Thursday of the month.

    It is instructive to note that the SSNIT Scheme pays monthly pension until death if one contributes for the minimum 180 months and more. Thus Pensioners get peace of mind knowing that every month, their account will be credited. The Scheme also provides disability insurance to contributors in the event of accident or permanent illness that prevents a contributor from working again. This implies that if a member cannot work again due to accident or illness, SSNIT steps in to pay monthly pension to qualified beneficiaries regardless of age.

    Also, the Scheme provides life insurance to Members through the payment of Survivors’ Benefits to the nominated dependants. This gives assurance to members that should they pass on, their survivors would be paid a lump sum by SSNIT.

  • You can accuse me of defamation; I’m not bothered – Sophia Akuffo to SSNIT

    You can accuse me of defamation; I’m not bothered – Sophia Akuffo to SSNIT

    Former Chief Justice, Sophia Akuffo, has criticized the recent botched sale of SSNIT shares in hotels as indicative of a broader problem in Ghana.

    She claims that those responsible for managing state institutions often intentionally deplete and sell assets among themselves, a practice detrimental to the country’s interests.

    In a TV3 interview, Madam Akuffo expressed that she was unsurprised by SSNIT’s justifications, noting that such practices have long been prevalent in the public sector.

    “Of course, SSNIT will justify it because they have run down the hotels, and just like in the public sector, a lot of public properties have been run down just so that the value will be run down, and always at the end of some cycle or the other, they do sweetheart deals and do this distribution among themselves. SSNIT can say I have defamed them, but I don’t care.”


    Sophia Akuffo explained why the attempt to sell SSNIT shares to Rock City Hotel, owned by Minister of Food and Agriculture Bryan Acheampong, was fraught with conflict of interest and detrimental to the country’s interests.

    “Yes, of course, because conflict of interest is conflict of interest. You can’t be the judge and the jury, you can’t be the lawyer and the judge, you can’t be the litigant, and after you have given your evidence and everything, your lawyer has done his submission, and it is time to determine the outcome, and now you are going to sit among the jury and you want to be part of that.”

    “Conflict of interest is not defined by the individual. Sometimes a conflict of interest, when you are managing standards, it is part of the performance standards. When you are managing ethical standards, sometimes it is simply perception.

    “Will a reasonable man in the street, if you were to tell them of this, what will they say about it? If here, you can surmise that they will say it smells, then it smells. When you are a public person, just because there is no law that says you cannot do it does not mean you should do it. Even in the Bible, it says I can do all things, but not all things are good.”

    It is worth noting that on Friday, July 12, SSNIT’s board of directors announced the cancellation of its plan to sell shares in the Labadi Beach, La Palm, Ridge Royal, and Elmina Beach hotels located in the Greater Accra and Central regions.

    “The Board and management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated,” Board Chair of SSNIT Elizabeth Akua Ohene said in the statement.

  • Calls for Elizabeth Ohene, SSNIT, NPRA officials to resign intensify

    Calls for Elizabeth Ohene, SSNIT, NPRA officials to resign intensify

    The consensus in panel discussions and public forums underscores widespread dissatisfaction with the handling of the hotel sale issue, particularly by SSNIT and NPRA officials.

    A public outcry has erupted following the collapse of the sale of four hotels to Minister for Food and Agriculture, Bryan Acheampong, with calls for resignations resonating from various quarters.

    The controversy surrounding the attempted sale of La Beach Hotel, Royal Ridge Hotel, Elimina Beach Hotel, and La Palm Royal Resort to Rock City Hotel has sparked intense criticism aimed at the leadership of Social Security and National Insurance Trust (SSNIT), the National Pensions and Regulatory Authority (NPRA), and the Minister for Employment and Labour Relations.

    The board and management of SSNIT, led by Elisabeth Akua Ohene, are under intense scrutiny, facing accusations of mismanagement and incompetence that led to the failed deal.

    Rock City Hotel’s withdrawal from the transaction, citing negative publicity and potential harm to their brand reputation, has further fueled public backlash.

    Public figures and commentators have joined in condemning the situation, with widespread calls for immediate resignations reverberating across social media and traditional platforms.

    Prominent voices, including North Tongu MP Samuel Okudzeto Ablakwa, have criticized the leadership for their roles in the failed deal, emphasizing the need for accountability and swift action.

    Ablakwa’s advocacy for institutional reforms and stricter regulations to prevent future incidents has resonated widely, prompting demands for a comprehensive overhaul of the agencies involved.

    As pressure mounts on SSNIT, NPRA, and implicated government officials over the botched hotel sale, the fate of those responsible remains uncertain.

    The unfolding saga has exposed deep-seated frustrations and raised serious governance questions about the management and oversight of state-owned assets, prompting a critical reassessment of leadership structures and practices within these crucial institutions.

  • I doubt Jubilee House is still a State property – Ablakwa

    I doubt Jubilee House is still a State property – Ablakwa

    Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has raised doubts over the ownership status of Jubilee House, the seat of Ghana’s Executive branch, amidst allegations of state capture.

    In a discussion on Onua FM on July 13, 2024, he expressed concern that the government has allegedly privatized several state assets, particularly to party affiliates, casting doubt on the integrity of these national resources.

    “I cannot really vouch for what truly is in the name of Ghana,” he said.

    “Are you aware the Teshie shooting range is gone? The Prison Barracks is also gone under a PPP arrangement. So, I really don’t know, probably apart from Jubilee House, and even that I’m not sure. The issue of state capture is not a joke; everything is going,” he asked.

    Ablakwa’s remarks coincide with the Social Security and National Insurance Trust (SSNIT) halting the sale of a 60% stake in four of its hotels, following public outcry.

    Following the cancellation of the proposed sale of a 60% stake in four hotels owned by the Social Security and National Insurance Trust (SSNIT), the organization issued a statement on July 12, 2024, announcing the termination of this controversial transaction.

    “The Board and management of the Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated,” the board chair stated.

    SSNIT emphasized its dedication to managing the Trust’s affairs responsibly, ensuring the sustainability of the Pension Scheme for pensioners and contributors alike.

  • Domelevo applauds Organised Labour for preventing SSNIT hotel sale

    Domelevo applauds Organised Labour for preventing SSNIT hotel sale

    Former Auditor-General, Daniel Yao Domelevo, has praised Organised Labour for their resolute opposition to the Social Security and National Insurance Trust’s (SSNIT) plan to sell a 60% stake in four hotels.

    During an interview on Channel One TV, Domelevo highlighted Organised Labour’s steadfast dedication to blocking the sale of the hotels.

    “I follow all those developments with keen interest, and I must say kudos to Organised Labour for standing their ground against what I think is not right. If you’re doing something on my behalf which is right, I think it’s proper to consult me, such that I know that you’re securing my interest”he stated.

    Mr. Domelevo also pointed out that without North Tongu MP Samuel Okudzeto Ablakwa revealing the government’s plan, members of Organised Labour would have been disadvantaged.

    He called the government’s decision to sell its assets to a Cabinet Minister “unusual.”

    The former Auditor-General also encouraged institutions such as Organised Labour to stay firm in demanding accountability from public officials.

    “So, if these things were not revealed by Ablakwa, otherwise, before you realised, it has been sold. And I find it very strange that a government will sell government property to a member of the government.

    “I don’t know where we’re on conflict of interest and how we’re respecting the provision under Article 284, which says a public officer should not put himself or herself into a position whereby his personal interests would conflict with the work that he/she does. I find it a bit strange and kudos to Organised Labour, I think we need a bit more of that to hold people accountable,” he said.

    Regarding the delay by the Commission on Human Rights and Administrative Justice (CHRAJ) in publishing its investigation report on the petition submitted by Ablakwa, Domelevo criticized enforcement agencies for their lack of responsiveness to public concerns.

    “I don’t think it is impatient of the general public, I think the enforcement agencies are really insensitive to the public. I believe everybody has heard of this saying that justice delayed is justice denied. But even in the court of law, just as CHRAJ is also doing, it is the same thing. Issues of national interest go to court, CHRAJ or enforcement agencies and it takes us forever,” he said.

  • Labour unions can bring national operations to a halt – Prof Agyeman-Duah warns govt

    Labour unions can bring national operations to a halt – Prof Agyeman-Duah warns govt

    Former UN Senior Governance Advisor Prof Baffour Agyemang-Duah has voiced surprise at the government’s assumption that it could disregard the concerns of organized labour.

    He emphasized that underestimating the influence of the “sleeping giant in organized labour” was startling, particularly considering the serious consequences of interfering with the Social Security and National Insurance Trust (SSNIT) fund, which secures the future of workers.

    “If organised labour wants to paralyse the whole country, they are in a position to do so. That was why I was surprised when they were defending that was undefendable and dragging their feet,” he said. on Joy News PM Express on Monday.

    “SSNIT represents the future of all workers in the country because, by law, you are supposed to keep part of their salaries hoping that upon retirement, they may get some cushion to lay their head.

    “So, if someone is playing with that kind of future, you can understand why workers will rise in unison to oppose it.”

    Prof. Agyemang-Duah also weighed in on SSNIT’s proposal to sell 60% of its shares in four hotels, suggesting either a poor presentation of SSNIT’s case or a significant conflict of interest.

    Organized labour suspended its strike on Monday, July 15, which was initially launched in protest against SSNIT’s plan to sell these shares to a private firm owned by the Food and Agriculture Minister, Bryan Acheampong.

    This decision was announced by Dr. Yaw Baah, Secretary General of the Trades Union Congress (TUC), during a press conference following an emergency meeting.

    He mentioned that they are granting SSNIT a month to resolve all remaining pension issues or “they will decide their next steps.”

    Describing the strained relationship between organized labor and SSNIT as “troubling,” Prof. Agyemang-Duah criticized the Trust for seemingly supporting a public official involved in purchasing state assets.

    The head of the Kufuor Foundation pointed out that the government should have taken heed when organized labor initially protested against the sale.

    “In the 70s, labour paralyzed the military regime of the time. Between 1975 to 1977, there were lots of labour agitations, leading to internal changes within the government itself.

    “Since then, we know that whenever labour begins to rumble over these matters, the government begins to have no options but to capitulate.

    “Perhaps, lessons must be learnt from the Kenya peaceful demonstration which rolled into something else and forced the government to swallow its own bill and go beyond that to quickly drop the cabinet,” he said.

  • JUSAG directs all members to report to work today, Tuesday

    JUSAG directs all members to report to work today, Tuesday

    National Executive Council (NEC) of the Judicial Service Staff Association of Ghana (JUSAG) has announced that all staff of the Judicial Service are to resume work on Tuesday, July 16. This decision follows the suspension of the strike by organized labor.

    The suspension was announced by the Secretary General of the Trades Union Congress (TUC), Dr. Yaw Baah, during a news conference in Accra on Monday, July 15.

    Organized labor had previously declared an indefinite strike in response to the Social Security and National Insurance Trust (SSNIT)’s plan to sell 60 percent of its shares in several hotels.

    “On Friday, July 12, 2024, organised labour called on all workers to join an indefinite strike starting today, Monday, July 15, 2024, to back our demand for the termination of the process towards the stake of 60 SSNIT shares in the four hotels.

    In a letter dated July 12, 2024, SSNIT notified organized labor that it had canceled the planned sale of 60% of its shares in the hotels.

    “At an emergency meeting held today, July 15, 2024, organised labour has decided to call off the strike,” Dr Yaw Baah said.

    JUSAG, in a statement, said, “Having had our demands met by the Board of SSNIT, organised labour decided to call off the ongoing strike. ALL workers are, therefore, directed to report to work tomorrow, Tuesday, July 16, 2024. Consequently, the National Executive Council (NEC) of JUSAG wishes to inform all staff of the Judicial Service to resume work tomorrow.

    “Leadership of Organised Labour will engage the Board of SSNIT to resolve any other
    outstanding issues regarding the management of the Trust.

    We wish to express our gratitude to the staff of the Judicial Service and the workers of Ghana for supporting our collective resolve to safeguard our retirement incomes.”

    A statement released by SSNIT on Friday, July 12 announced to the public the termination of the controversial sale of the shares in the hotels.

    “The Board and management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated,” Board Chair of SSNIT Elizabeth Akua Ohene said in the statement.

    SSNIT assured pensioners and contributors of managing the affairs of the Trust “prudently for the sustainability of the Pension Scheme.”

  • We will engage Organised Labour on hotels sale – SSNIT Boss

    We will engage Organised Labour on hotels sale – SSNIT Boss

    Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has assured Organised Labour of continued engagement following the recent decision to terminate the sale of six hotels.

    This decision comes after Organised Labour’s threat of a nationwide strike if the sale proceeded.

    On Friday, July 12, 2024, Organised Labour issued an ultimatum demanding the termination of the hotel sale, which led to the Board Chairman of SSNIT, Elizabeth Ohene, announcing the abrogation of the decision.

    Speaking on Accra-based Citi FM on Monday, July 15, 2024, Mr. Osafo-Maafo explained that the termination was necessary to prevent the strike and ensure constructive dialogue with Organised Labour.

    “My message to Organised Labour is that the management and board of the Trust will continue to work very hard to manage the assets that we are responsible for very prudently. We are listening and we will continue to engage. That is the main point,” he stated.

    Mr. Osafo-Maafo emphasized SSNIT’s commitment to managing its assets and risks prudently to ensure the long-term sustainability of the Trust.

    He noted that the decision to terminate the sale followed significant objections from stakeholders, including unfavourable payment terms proposed by Rock City Hotel, one of the prospective buyers.

    “We listened to the objections from the stakeholders and decided to terminate the process. If you remember, when we had the press conference, we said we would engage all the stakeholders, and we have been doing that since then. The unions have also been vociferous, and we listened to their demands and decided to terminate the process,” he added.

    Mr. Osafo-Maafo also highlighted that the SSNIT management and board had concerns about the payment terms proposed by Rock City Limited, which contributed to the decision to halt the sale.

    “We went into a negotiation process; it was the management and board of SSNIT that rejected the terms of payment… The terms of payment were the subject of the negotiation, and therefore we sought to continue the negotiation to reach a solution that was acceptable,” he explained.

    He further clarified that the process of divesting SSNIT’s shares in the hotels began as far back as 2010, under previous boards and managements, not his tenure.

    “We don’t think that we left it too late; there were businesses that we have had since 2010. This process started as far back as 2010, when the board invited investors, and then in 2017, and then in 2018 the board directed that we go in to find strategic investors, and the process traveled through to 2022,” he stated.

    In a related development, Organised Labour has suspended its strike action following the termination of the hotel sale.

    This decision was announced at a news conference by the Secretary General of the Trades Union Congress (TUC), Dr. Yaw Baah, after an emergency meeting on Monday, July 15.

    The Ghana Medical Association confirmed the suspension in a statement, directing its members to return to post immediately.

    With the strike action called off, it is expected that normalcy will return to affected sectors, including healthcare and other public services.

  • We will engage with and consider Organized Labour’s concerns – Director-General of SSNIT

    We will engage with and consider Organized Labour’s concerns – Director-General of SSNIT

    Kofi Bosompem Osafo-Maafo, Director-General of the Social Security and National Insurance Trust (SSNIT), has indicated that the Trust’s management and board will engage with Organised Labour to discuss the next steps following the cancellation of the hotel sale decision.

    On Friday, July 12, 2024, Organised Labour threatened a nationwide strike unless SSNIT’s management and board abandoned their plan to sell six hotels.

    In response, SSNIT Board Chairman Elizabeth Ohene released a statement declaring the termination of the sale decision.

    Mr. Osafo-Maafo acknowledged that the decision to halt the sale was made to prevent the strike and to facilitate further discussions with labour representatives.

    “My message to Organised Labour is that the management and board of the Trust will continue to work very hard to manage the assets that we are responsible for very prudently. We are listening and we will continue to engage. That is the main point”, he said in an interview on Accra-based Citi FM on Monday, July 15, 2024.

    He assured that SSNIT will work hard to prudently manage the assets and risks to ensure that the Trust is sustained in the long term.

    The decision to terminate the process

    Mr. Osafo-Maafo explained that, after reviewing numerous objections to the deal, management chose to cancel the sale process.

    He also disclosed that the board of SSNIT dismissed Rock City Hotel’s unfavorable payment terms, which played a role in the decision to end the sale.

    “We listened to the objections from the stakeholders and we decided to terminate the process. If you remember, when we had the press conference, we said we would engage all the stakeholders and we have been doing that since then. The unions have also been vociferous and we listened to their demands and decided to terminate the process.”

    “My team and I met with the unions and the Labour and Employment Minister and we had two engagements with the NPRA, so there has been continuous engagement and where we are now, we are all seeking the same objective, which is to improve the revenue of the hotels,” he added.

    Mr. Osafo-Maafo noted SSNIT’s concerns with Rock City Limited’s payment terms.

    “We went into a negotiation process; it was the management and board of SSNIT that rejected the terms of payment…The terms of payment were the subject of the negotiation, and therefore we sought to continue the negotiation to reach a solution that was acceptable.”

    “During that process, the unions raised the same objection that they were not in favour of the terms of payment, and indeed, they extended that they were not in favour at all.”
    He added that the process of divesting SSNIT’s shares in the hotels began as far back as 2010, not under his tenure as reported.

    “We don’t think that we left it too late, there were businesses that we have had since 2010.

    This process started as far back as 2010, when the board invited in investors and then in 2017, and then in 2018 the board directed that we go in to find strategic investors and the process traveled through to 2022.”

  • Organised labour calls off strike; issues SSNIT 1-month ultimatum to fix concerns

    Organised labour calls off strike; issues SSNIT 1-month ultimatum to fix concerns

    Organised Labour has announced the suspension of its strike, which began today, Monday, July 15, in protest against the Social Security and National Insurance Trust’s (SSNIT) plan to sell a 60% stake in four hotels to Rock City Hotel, a private firm owned by Ghana’s Food and Agriculture Minister, Bryan Acheampong.

    The decision to call off the strike was revealed at a press conference by the Secretary General of the Trades Union Congress (TUC), Dr. Yaw Baah, following an emergency meeting held on Monday.

    The Ghana Medical Association (GMA) also confirmed the suspension in a statement issued the same day.

    The statement, signed by GMA President Dr. Frank Serebour and General Secretary Dr. Richard Selormey, declared, “NEC, in light of this decision, suspends with immediate effect the earlier issued roadmap for industrial action and directs that all members return to post. NEC is grateful to members for your support.”

    Before the suspension, the strike had already impacted various sectors, with many workers abandoning their posts. In Accra, some courts were inactive, and numerous state agencies experienced significant absenteeism.

    The strike also disrupted services at the Komfo Anokye Teaching Hospital, where Outpatient Department Services were suspended, leaving many patients stranded.

    With the suspension of the strike, it is expected that normal operations will resume promptly. The move follows intense discussions and pressure from organised labour groups, who had initially declared the indefinite strike action in response to SSNIT’s controversial deal.

  • Organised Labour to meet today over intended nationwide strike

    Organised Labour to meet today over intended nationwide strike

    Organised Labour is set to convene an emergency meeting today to determine the next steps for the nationwide strike, following significant developments subsequent to the group’s declaration of industrial action last Friday.

    Among the critical issues slated for discussion at today’s meeting is the fate of the management and Board of Directors of the Social Security and National Insurance Trust (SSNIT), concerning their alleged roles in the halted sale of its hotels.

    Last Friday, SSNIT announced the termination of a bid to sell 60% of its stake in four hotels, mere hours after the potential investor, Rock City Hotel, formally withdrew its proposal.

    Sources within Organised Labour informed the Daily Graphic that the strike remains in effect, with today’s 10 a.m. meeting expected to provide further guidance on the group’s course of action in light of recent developments.

    The industrial action has garnered support from affiliated labour unions, each issuing statements directing their members to fully comply with the strike.

    Notable supporters include the Judicial Service Staff Association of Ghana (JUSAG), the Ghana Medical Association (GMA), and various teacher unions such as the Ghana National Association of Teachers and the National Association of Graduate Teachers.

    The University Teachers Association of Ghana (UTAG) has taken a proactive stance, calling for the dissolution of the SSNIT Board and the resignation of top management, citing concerns over governance and public trust.

    In an interview with the Daily Graphic, Dr Eliasu Mumuni, National Secretary of UTAG, emphasized that their advocacy for change within SSNIT is driven by the need for prudent and transparent management of pension funds and assets, highlighting the broader implications beyond political considerations.

    Organised Labour initiated the industrial action following an emergency meeting at the Hall of Trade Unions in Accra last Friday. Dr Anthony Yaw Baah, Secretary-General of the Trades Union Congress (TUC), officially announced the strike during a press conference, emphasizing its continuation until SSNIT terminates the sale process of its shares in four prominent hotels across Ghana.

  • We will strike until SSNIT’s board undergoes dissolution – Organised Labour

    We will strike until SSNIT’s board undergoes dissolution – Organised Labour

    Organised Labour has stood firm despite appeals to cancel its planned strike starting today, Monday, July 15.

    The strike is in protest of the sale of a 60 percent stake in four hotels owned by the Social Security and National Insurance Trust (SSNIT) to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.

    Expressing dissatisfaction with the transaction, Organised Labour announced an indefinite strike starting July 15 if the process wasn’t stopped. SSNIT subsequently terminated the transaction on Friday, July 12, following intense pressure from other worker unions.

    Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Kenneth Koomson, Deputy Secretary General of the Ghana Federation of Labour, emphasized the historical role of Ghanaian workers in the country’s independence.

    “Ghana’s independence wouldn’t have been possible without the involvement of workers and politicians should know that. The unity displayed on July 12 is just the tip of the iceberg, and going forward, Organised Labour is going to ensure that the ordinary Ghanaian is well taken care of.

    “SSNIT’s function is to ensure social security for the population and so the leadership [of Organised Labour] recognised that the way by which the hotels were being sold was flawed and if you look at the content of the letter, we said we were not going to call off the strike until SSNIT board is dissolved.

    He disclosed plans for an emergency meeting on Monday to review SSNIT’s response and announce their decision.

    “We thought that it was important to assemble today to review the letter that has been written by SSNIT and then take a decision and so today will be a day to communicate to the public where we stand today and an announcement will be made afterwards.”

  • Competent SSNIT Board deserves to stay – Osafo-Maafo replies critics

    Competent SSNIT Board deserves to stay – Osafo-Maafo replies critics

    The Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has staunchly defended the tenure of the company’s board members and management amidst growing calls for their resignation.

    Mr Osafo-Maafo asserted that the current board members and management have demonstrated sufficient accomplishments to justify their continued leadership roles.

    In response to demands from Organised Labour and other stakeholders for the board’s dissolution following the cancellation of a proposed 60 percent stake sale in SSNIT-owned hotels to Rock City Hotel, Osafo-Maafo affirmed their competence and commitment.

    He pointed to various initiatives and achievements undertaken by SSNIT since 2017 as evidence of their effective stewardship.

    Mr Osafo-Maafo highlighted operational improvements, enhanced efficiency, and successful resolution of inherited challenges as key achievements under his tenure.

    “Let me make another point that is worth stressing and that is what the board and management of SSNIT have achieved since I have been there since 2017 and I can speak to the track record and changes that have been put in place.

    “When we look at the operational improvements that have been brought in, the efficiency of the SSNIT’s operation has been much better. If you look at the legacy issues and the magnitude of what we inherited, we have resolved them positively.

    “The contracts that SSNIT went in to do real estate as far back as 2016 involved an investment of $185 million and we are in the process of disposing of approximately 20 percent of those real estate assets and we are continuing to do that. In cost-saving measures, the saving alone that we made on the Westhills Ridge project is $30 million.”

    “I can go through other real estate investments that began a few years ago and we have just completed the largest affordable housing project in the country in Kumasi.

    “We have also put in a set of investments that will outlive me to put the Trust in the best position,” Mr. Osafo-Maafo told the host, Bernard Avle of the Citi Breakfast Show on Monday, July 15.

  • We will work closely with Organised Labour to enhance our operations – SSNIT Boss

    We will work closely with Organised Labour to enhance our operations – SSNIT Boss

    The Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has committed to ongoing dialogue with Organised Labour and other stakeholders to enhance the Trust’s operations and investment strategies.

    Osafo-Maafo emphasized SSNIT’s continued improvement and its dedication to sustaining this momentum through extensive engagement efforts.

    His remarks directly responded to Organised Labour’s initiation of an industrial strike starting today [July 15], in protest against SSNIT’s sale of a 60 percent stake in four hotels to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.

    Following a press conference on Friday, July 12, where Organised Labour announced an indefinite strike to oppose the transactions, SSNIT subsequently issued a notice terminating the sale amidst withdrawal threats from other unions and associations.

    In an interview with Bernard Avle on the Citi Breakfast Show, Mr. Osafo-Maafo reassured Organised Labour of SSNIT’s commitment to continuous engagement with all relevant stakeholders.

    “My message is very straightforward, the management and board of the Trust will continue to manage the portfolio and assets to achieve the best long-term returns. Organised Labour will be aware that we have improved and we will continue to engage and improve.”

    Despite the termination of the sale process, Organised Labour affirmed its intent to sustain the strike until SSNIT’s board is dissolved.

    “SSNIT’s function is to ensure social security for the population and so the leadership [of Organised Labour] recognised that the way by which the hotels were being sold was flawed and if you look at the content of the letter, we said we were not going to call off the strike until SSNIT board is dissolved,” the Deputy Secretary General of the Ghana Federation of Labour, Kenneth Koomson told Bernard Avle on Monday.

  • Dissolve your board and we will end strike action – Organised Labour to SSNIT

    Dissolve your board and we will end strike action – Organised Labour to SSNIT

    Organised Labour has stood firm on its decision to proceed with an indefinite strike starting today, Monday, July 15, in protest against the sale of a 60% stake in four hotels owned by the Social Security and National Insurance Trust (SSNIT) to Rock City Hotel, a company owned by Agriculture Minister Bryan Acheampong.

    The planned strike comes despite pleas for restraint and the announcement on Friday, July 12, that SSNIT had terminated the transaction due to substantial pressure from other worker unions.

    Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, the Deputy Secretary General of the Ghana Federation of Labour, Kenneth Koomson, reiterated the resolve of Organised Labour.

    He underscored the critical role of Ghanaian workers in the country’s independence and stated that the strike would not be called off until the SSNIT board is dissolved.

    “Ghana’s independence wouldn’t have been possible without the involvement of workers and politicians should know that. The unity displayed on July 12 is just the tip of the iceberg, and going forward, Organised Labour is going to ensure that the ordinary Ghanaian is well taken care of,” Mr Koomson emphasized.

    Mr Koomson highlighted that SSNIT’s primary function is to ensure social security for the population, and he criticized the manner in which the hotel sale was conducted. He stressed that the leadership of Organised Labour found the transaction process deeply flawed.

    “If you look at the content of the letter, we said we were not going to call off the strike until SSNIT board is dissolved,” Koomson stated.

    He also revealed that an emergency meeting would be held today to review SSNIT’s letter and to decide the next steps.

    “We thought that it was important to assemble today to review the letter that has been written by SSNIT and then take a decision and so today will be a day to communicate to the public where we stand today and an announcement will be made afterwards,” he added.

  • Decision to terminate sale of hotels was borne of Organised Labour’s objection – SSNIT

    Decision to terminate sale of hotels was borne of Organised Labour’s objection – SSNIT

    Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, revealed that the decision to halt the sale of a 60 percent stake in four SSNIT-owned hotels to Rock City Hotel was driven by objections from Organised Labour.

    Speaking on the Citi Breakfast Show with host Bernard Avle, Mr. Osafo-Maafo emphasized that a key aspect of the transaction was extensive consultation with stakeholders. Management responded to various objections by terminating the deal.

    “We listened to the objections from the stakeholders and we decided to terminate the process. If you remember, when we had the press conference, we said we would engage all the stakeholders and we have been doing that since then. The unions have also been vociferous and we listened to their demands and decided to terminate the process.”

    “My team and I met with the unions and the Labour and Employment Minister and we had two engagements with the NPRA, so there has been continuous engagement and where we are now, we are all seeking the same objective, which is to improve the revenue of the hotels.”

    Mr. Osafo-Maafo clarified that the initiative to divest SSNIT’s shares in the hotels predates his tenure, dating back to 2010.

    “We don’t think that we left it too late, there were businesses that we have had since 2010.

    This process started as far back as 2010, when the board invited in investors and then in 2017 and then in 2018 the board directed that we go in to find strategic investors and the process traveled through to 2022.”

  • SSNIT Hotels sale: Strike is still on until an official SSNIT communiqué is issued – NAGRAT

    SSNIT Hotels sale: Strike is still on until an official SSNIT communiqué is issued – NAGRAT

    President of the National Association of Graduate Teachers (NAGRAT), Angel Carbonu, has stated that the association would not call off its planned strike until they receive an official communication confirming the cancellation of the Social Security and National Insurance Trust (SSNIT) sale of a 60% stake in four of its hotels.

    NAGRAT, along with other organised labour groups, had scheduled industrial action to begin on July 15 after the National Pensions Regulatory Authority (NPRA) approved SSNIT’s controversial plan to sell its hotels.

    Secretary General of the Trades Union Congress (TUC), Dr. Yaw Baah, expressed confusion over why the NPRA allowed SSNIT to proceed with the deal without further engagement, despite initially ordering SSNIT to halt the process.

    Bryan Acheampong’s Rock City Hotel withdrew its bid to purchase the hotels, citing negative publicity. Subsequently, a statement from SSNIT, issued just before midnight on Friday, July 12, indicated that the sale to Bryan Acheampong’s hotel had been halted.

    The brief statement, signed by SSNIT Board Chair Elizabeth Ohene, who had previously defended the deal, confirmed that the process had been terminated.

    SSNIT assured pensioners, contributors and the public of “its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.”

    But the NAGRAT president said these developments were not reason enough to end its action.

    According to him, in the era of technological advancement, anyone could have fabricated the letter, and until they received an official communique, they would not call off their strike.

    Speaking on JoyNew’s Newsfile, he said, “ We are in a technological age and people are capable of doing anything with technology. We want don’t want to take a decision that will [embarrass us] on Monday morning.

    “We want to get surety that it is the SSNIT board headed by Elizabeth Ohene who actually took the decision ad communicated same the public.”

    Mr. Carbonu stated that once NAGRAT receives an official communication from SSNIT, the leadership will issue a statement regarding their decision. He emphasised that they wanted SSNIT to cancel the sale, and if this is confirmed, the teachers’ union will respond accordingly.

    On the same program, Perpetual Ofori-Ampofo, President of the Ghana Registered Nurses and Midwifery Association (GRNMA), announced that her association would not call off its strike, citing SSNIT’s apparent disregard for their concerns.

    She highlighted that GRNMA went through numerous steps before deciding on industrial action. Thus, SSNIT issuing a general message without addressing her organization and other labor unions directly will not change their stance.

    Madam Ofori-Ampofo criticized SSNIT’s approach, suggesting that the least they could have done was to hold a press conference or issue a formal letter on SSNIT letterhead. Therefore, she confirmed that the strike would proceed as planned on July 15.

  • Ablakwa calls for the immediate dismissal of SSNIT, NPRA board members

    Ablakwa calls for the immediate dismissal of SSNIT, NPRA board members

    Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has called for the immediate removal of board members at the Social Security and National Insurance Trust (SSNIT) and the National Pensions Regulatory Commission (NPRA).

    Additionally, he is advocating for the termination of SSNIT’s Director-General, Kofi Bosompem Osafo-Maafo, and NPRA’s Chief Executive Officer, John Kwaning Mbroh, from their current roles.

    In a Facebook post on July 12, Ablakwa said, “In addition, we demand that the entire SSNIT board, the NPRA board, the SSNIT Director-General and the NPRA Chief Executive Officer must all be sacked without further delay.”

    Background

    SSNIT engaged in negotiations with Rock City Hotel, owned by Minister of Agriculture Bryan Acheampong, to sell 60% of its shares in four hotels. This move sparked protests led by Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, and civil society groups on June 18.

    On June 28, the National Pensions Regulatory Commission instructed SSNIT to halt negotiations with Rock City regarding the sale of these hotels, pending further review and consultation.

    Subsequently, NPRA approved the sale of SSNIT’s shares in the four hotels, triggering a swift response from Organised Labour. Minister of Employment and Labour Relations, Ignatius Baffour Awuah, assured Parliament on July 11 that all required procedures had been followed amid criticism of the deal’s impact on pensioners.

    Following an emergency meeting of its National Executive Council, Organised Labour announced plans for a nationwide strike starting Monday, July 15, with seven government agencies pledging participation.

    In response, Rock City announced its decision not to proceed with the purchase of the hotels. SSNIT subsequently confirmed the termination of its plans to sell 60% of its shares in the hotels.

  • Withdrawal can still lead to pregnancy, we want total termination – Bridget Otoo on SSNIT hotels

    Ghanaian journalist Bridget Otoo is advocating for a complete and permanent cancellation of the sale of SSNIT hotels, rather than just a withdrawal.

    She asserts that Bryan Acheampong’s confirmation that Rock City has withdrawn its bid to purchase shares in SSNIT hotels does not fully resolve the issue.

    The broadcaster has instead, called for an outright cancellation of the entire process of selling the national assets.

    In a post shared on X, she wrote, “withdrawal can still lead to pregnancy, we want complete termination which guarantees protection! #HandsOffOurHotels.”

    Rock City Hotel has withdrawn the bid to purchase 60 percent shares in four hotels owned by the Social Security and National Insurance Trust (SSNIT), Bryan Acheampong, who has interest and shares in Rock City has confirmed.

    The hotels include La Palm Beach Hotel, Labadi Beach Hotel, Royal Ridge Hotel and Elmina Beach Hotel.

    The decision to withdraw the bid comes after Organised Labour on Friday threatened to embark on a nationwide strike beginning Monday, July 15, if SSNIT proceeds with the decision to sell the hotels to Rock City Hotel.

    In a letter dated July 12, 2024, addressed to the Director-General of SSNIT, Mr. Kofi Osafo-Maafo, Rock City Hotel expressed their disappointment at the lack of stakeholder engagement, which they believe has led to the negativity surrounding their bid.

    Dear Director General,

    NOTICE OF WITHDRAWAL OF BID

    At all material times, we believed that we had participated in an internationally competitive bid and were happy to have learned of our success having edged out the 15 other organisations that participated in the process.

    It therefore came as a total surprise to us that some of your stakeholders have raised concerns about your decision to seek strategic partners for these hotels.

    We have also taken note of ongoing media discussions on your decision to seek strategic investors for these hotels.

    We have also taken note of your recent media engagements and press statements ostensibly defending your decision to seek to a strategic investor.

    Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want associated with our brand.

    We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels.

    Therefore, we are writing to inform you of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity.

    Finally, in the interest of accountability and transparency, we consent to you releasing all or whatever parts of our bid documents for public scrutiny or publish same if it should become necessary.

    We wish you continuous success in your endeavours.

  • No Parliamentary support until SSNIT hotels sale is terminated – Minority threatens gov’t

    No Parliamentary support until SSNIT hotels sale is terminated – Minority threatens gov’t

    The Minority in Parliament has urged President Akufo-Addo to direct the Social Security and National Insurance Trust (SSNIT) to stop the sale of a 60% interest in four of its hotels.

    The NDC MPs stressed that, even though Bryan Acheampong’s private hotel has withdrawn from the transaction, they still insist on an immediate halt to the sale.

    They are calling on the government to make a public statement to notify organized labor and the Ghanaian public that it has canceled the controversial plan to sell SSNIT hotel shares to government officials under dubious circumstances.

    In a press release dated Friday, July 12, and signed by their leader Dr. Cassiel Ato Forson, the Minority in Parliament declared that the Ghanaian public has clearly opposed the questionable scheme by the Akufo-Addo/Bawumia administration to sell the SSNIT hotels.

    The Minority has warned that they will withhold cooperation with the government in Parliament until an official announcement of the deal’s cancellation is made.

    Additionally, they stated that if the announcement is not made by July 16, they will escalate their non-cooperation to include protests.

    “The Minority Caucus announces for the information of the general public that until the government makes it clear that it has stopped the sale of the SSNIT hotels, the NDC Caucus will no longer cooperate with the government in the handling of government business in Parliament.”

    “Again, if by close of Tuesday, 16th July, 2024 the government fails or neglects or refuses to declare that the sale of the SSNIT hotels has been abolished, we shall escalate our noncooperation to include measures such as demonstrations across the country,” an excerpt of the statement said.

    The statement highlighted Ghanaian opposition to the sale, stressing the need for transparency and accountability in managing national assets.

    The Minority called on the government to champion public interests and avoid controversial transactions.

    SSNIT has announced the suspension of its plan to sell a 60% stake in four hotels.

    Issued just before midnight on Friday, July 12, SSNIT’s decision followed the withdrawal of Rock City Hotel, owned by Minister of Food and Agriculture Bryan Acheampong, amid strong stakeholder opposition.

    The statement, signed by SSNIT Board Chair Elizabeth Ohene, who had previously supported the deal, confirmed the termination of the sale process.

    SSNIT reassured pensioners, contributors, and the public of its commitment to managing the Trust’s affairs prudently to ensure the sustainability of the pension scheme.

  • We’ll cooperate if Akufo-Addo announces halts in SSNIT hotel sale publicly – Minority

    We’ll cooperate if Akufo-Addo announces halts in SSNIT hotel sale publicly – Minority

    The Minority in Parliament has called on President Akufo-Addo to issue a public statement informing organized labor and the general Ghanaian public that it has terminated the sale of a 60% stake in four of its hotels

    The NDC MPs emphasized that, despite the withdrawal of the private hotel owned by Ghana’s Minister of Food and Agriculture, Bryan Acheampong, from the deal, they still demand an immediate cessation of the sale.

    In a press statement released on Friday, July 12, and signed by their leader, Dr. Cassiel Ato Forson, the Minority in Parliament asserted that the people of Ghana have clearly expressed their opposition to the dubious arrangement by the Akufo-Addo/Bawumia government to sell the SSNIT hotels.

    The Minority warned that they will refuse to work with the government in Parliament until an official cancellation of the deal is announced.

    Additionally, they stated that if the announcement does not occur by July 16, they will escalate their non-cooperation to include protests.

    “The Minority Caucus announces for the information of the general public that until the government makes it clear that it has stopped the sale of the SSNIT hotels, the NDC Caucus will no longer cooperate with the government in the handling of government business in Parliament.”

    “Again, if by close of Tuesday, 16th July, 2024 the government fails or neglects or refuses to declare that the sale of the SSNIT hotels has been abolished, we shall escalate our non-cooperation to include measures such as demonstrations across the country,” an excerpt of the statement said.

    The statement highlighted that Ghanaians strongly oppose the sale and demand openness and responsibility in the handling of national resources.

    The Minority urged the government to prioritize public interests and avoid such controversial dealings.

    SSNIT has announced the halt of its proposed sale of a 60% stake in four of its hotels.

    In a statement released shortly before midnight on Friday, July 12, SSNIT’s decision followed Rock City Hotel’s withdrawal from the deal. Rock City, owned by Minister of Food and Agriculture Bryan Acheampong, pulled out due to substantial opposition from stakeholders.

    The statement, signed by SSNIT Board Chair Elizabeth Ohene, who had previously supported the deal, confirmed that the sale process has been canceled.

    SSNIT assured pensioners, contributors, and the public of its dedication to managing the Trust’s affairs responsibly to ensure the longevity of the pension scheme.

  • Breaking: SSNIT finally abandons plan to sell hotels

    Breaking: SSNIT finally abandons plan to sell hotels

    The Social Security and National Insurance Trust (SSNIT) has declared the cancellation of the sale of four hotels from its business portfolio.

    In a statement dated July 12, 2024, SSNIT announced the halt of the sale process, which aimed to transfer 60% of the state-owned insurance company’s ownership in the four hotels to a private investor.

    “The Board and Management of the Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.

    “We wish to assure pensioners, contributors, and the public of our commitment to managing the affairs of the Trust prudently to ensure the sustainability of the Pension Scheme,” the statement signed by the Board Chair of SSNIT, Madam Elizabeth Ohene, said.

    The announcement comes on the back of public resistance raised against the sale of the four hotels and a subsequent decision by Rock City Hotels, owned by the Minister for Food and Agriculture, Bryan Acheampong, to withdraw its bid.

    According to critics, the choice of a company owned by a member of the government was a clear case of conflict of interest, while others argued against the sale of the hotels in principle.

    Read the statement below:

  • Abraham Koomson expresses surprise at NPRA’s approval of SSNIT hotels sale

    Abraham Koomson expresses surprise at NPRA’s approval of SSNIT hotels sale

    General Secretary of the Ghana Federation of Labour of the Trade Union Congress (TUC), Abraham Koomson, has stated that he is astonished at the National Pensions Regulatory Authority’s (NPRA) decision to approve the sale of four SSNIT hotels to Rock City Hotel.

    In an interview with the media on Thursday, July 11, he expressed doubt and astonishment at the news, asserting that SSNIT should not proceed with the sale of the hotels without proper consultatio

    “I am not very sure this story is true…I’m surprised. They can’t sell it,” he said.

    He stated that Organised Labour will convene on Friday to discuss the development.

    The Employment Minister, Ignitius Baffuor Awuah, informed Parliament on Thursday that the NPRA has given clearance for SSNIT to proceed with the sale of four hotels to Bryan Acheampong’s Rock City Hotel.

    Initially, the NPRA had asked SSNIT to halt the transaction due to public opposition.

    However, the Minister clarified that the NPRA’s initial directive was to ensure that all details of the sale were fully provided.

    “So, as I Minister, I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead,” he said.

    Mr. Koomson questioned the Employment Minister’s briefing to Parliament, citing concerns about his non-membership on the SSNIT board.

    “I doubt him, I doubt it. They can’t go behind us and do what they are doing,” he added.

    The General Secretary underscored organized labor’s opposition to the sale of SSNIT’s 60% stake in the four hotels to Rock City Hotel, owned by Bryan Acheampong, the Minister of Food and Agriculture and MP for Abetifi Constituency.

    He questioned Rock City Hotel’s financial capacity to handle such a transaction, insisting they cannot afford it and should not be pressured into the deal.

    North Tongu MP, Samuel Okudzeto Ablakwa, who exposed the deal, has raised doubts about the ability of Food and Agriculture Minister Bryan Acheampong to turn around the fortunes of the SSNIT hotels he plans to purchase through Rock City Hotel Limited.

    Mr. Ablakwa criticized the deal as part of what he considers state capture by appointees of the Akufo-Addo government.

    He noted that Labadi Beach Hotel, Ridge Royal, and other hotels are profitable, whereas Rock City Hotel Limited has consistently reported losses.

    3.5

  • BREAKING NEWS: Nationwide strike declared over sale of SSNIT hotels

    BREAKING NEWS: Nationwide strike declared over sale of SSNIT hotels

    The Organised Labour has announced an indefinite strike action in response to the National Pensions Regulatory Authority’s (NPRA) approval for the Social Security and National Insurance Trust (SSNIT) to sell a 60% stake in four hotels to Bryan Acheampong’s Rock City Hotel.

    Dr. Yaw Baah, the Secretary General of the TUC, expressed bewilderment over the NPRA’s decision to greenlight the deal without further consultations, despite previously instructing SSNIT to suspend the process.

    In a statement issued after an emergency meeting on Friday, July 12, Dr. Baah emphasized the lack of transparency and consultation in the decision-making process. He underscored the TUC’s commitment to defending the interests of its members, prompting the directive for all union members to commence strike action starting Monday, July 15.

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah, announced in Parliament on Thursday, July 11, that the National Pensions Regulatory Authority (NPRA) has cleared the Social Security and National Insurance Trust (SSNIT) to proceed with its contentious plan to sell four hotels to Bryan Acheampong’s Rock City Hotel.

    This decision comes despite significant public opposition and initial directives to halt the transaction.

    Addressing Parliament, Minister Baffuor Awuah explained that the NPRA’s initial directive was issued to ensure all details of the sale were thoroughly reviewed.

    “As Minister, I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead,” he stated.

    The Employment Minister elaborated that SSNIT’s decision to sell 60% of its stake in the four hotels is part of a broader strategy to enhance investment performance.

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah

    He emphasized that this move aligns with the primary objective of the scheme, which is to provide monthly pensions and related benefits to Ghanaian workers, ensuring their retirement income security.

    “SSNIT’s decision to divest is also supported by its funding and investment objectives,” Mr. Awuah noted. He highlighted that SSNIT has been implementing various strategic measures to achieve its goals, including rebalancing its investment portfolio, increasing investment in fixed income, decreasing equity exposure, and restructuring non-performing investments.

    Despite these explanations, the sale has faced backlash from the public and civil society organizations. North Tongu MP, Samuel Okudzeto Ablakwa, who brought attention to the deal, has raised concerns about the ability of Bryan Acheampong’s Rock City Hotel Limited to turn around the fortunes of the SSNIT hotels.

    Mr. Ablakwa pointed out that Labadi Beach Hotel, Ridge Royal, and the other hotels involved are profitable, while Rock City Hotel Limited has consistently reported losses.

    Mr. Ablakwa accused the transaction of being part of a larger pattern of state capture by appointees of the Akufo-Addo government.

    He questioned the prudence of selling profitable state assets to a company with a track record of financial losses, suggesting that the deal might not be in the best interest of the public and pension contributors.

  • Organised Labour meets to discuss next action after SSNIT hotel sale approval

    Organised Labour meets to discuss next action after SSNIT hotel sale approval

    Organised Labour is convening an emergency meeting today to determine its next steps following the National Pensions Regulatory Commission’s (NPRA) approval of the sale of SSNIT shares in six hotels.

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah, announced in Parliament on Thursday, July 11, that the National Pensions Regulatory Authority (NPRA) has cleared the Social Security and National Insurance Trust (SSNIT) to proceed with its contentious plan to sell four hotels to Bryan Acheampong’s Rock City Hotel.

    This decision comes despite significant public opposition and initial directives to halt the transaction.

    Addressing Parliament, Minister Baffuor Awuah explained that the NPRA’s initial directive was issued to ensure all details of the sale were thoroughly reviewed.

    “As Minister, I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead,” he stated.

    The Employment Minister elaborated that SSNIT’s decision to sell 60% of its stake in the four hotels is part of a broader strategy to enhance investment performance.

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah

    He emphasized that this move aligns with the primary objective of the scheme, which is to provide monthly pensions and related benefits to Ghanaian workers, ensuring their retirement income security.

    “SSNIT’s decision to divest is also supported by its funding and investment objectives,” Mr. Awuah noted. He highlighted that SSNIT has been implementing various strategic measures to achieve its goals, including rebalancing its investment portfolio, increasing investment in fixed income, decreasing equity exposure, and restructuring non-performing investments.

    Despite these explanations, the sale has faced backlash from the public and civil society organizations. North Tongu MP, Samuel Okudzeto Ablakwa, who brought attention to the deal, has raised concerns about the ability of Bryan Acheampong’s Rock City Hotel Limited to turn around the fortunes of the SSNIT hotels.

    Mr. Ablakwa pointed out that Labadi Beach Hotel, Ridge Royal, and the other hotels involved are profitable, while Rock City Hotel Limited has consistently reported losses.

    Mr. Ablakwa accused the transaction of being part of a larger pattern of state capture by appointees of the Akufo-Addo government.

    He questioned the prudence of selling profitable state assets to a company with a track record of financial losses, suggesting that the deal might not be in the best interest of the public and pension contributors.

  • Labour groups convene urgent meeting in response to NPRA’s decision on SSNIT hotels

    Labour groups convene urgent meeting in response to NPRA’s decision on SSNIT hotels

    Organised Labour will convene an urgent session today to determine its course of action after the National Pensions Regulatory Commission (NPRA) authorized the sale of SSNIT shares in six hotels.

    On June 28, the NPRA had instructed SSNIT to halt negotiations with Rock City regarding the sale of four hotels, pending additional assessment and consultation.

    However, despite this directive, Employment Minister Ignatius Baffour Awuah informed Parliament on Thursday, July 11, that all required procedures have been followed in the sale process.

    “Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read the directive from NPRA. It said it needed to be furnished with all information relating to the sale of the hotels, which SSNIT has since done that.”

    “So, it wasn’t like a direct something that SSNIT should not go ahead to do anything, but then, SSNIT can only go ahead when NPRA, which is the regulator within the field, had actually certified that they have seen all the documentation and the processes, and they think that we are good to go.”

    “Yes, so, as a minister, I can tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead.”

    As a result, the emergency meeting seeks to tackle the apprehensions of Organised Labour regarding the sale and to devise an suitable response.

  • SSNIT has received NPRA’s approval to sell its hotels to Bryan Acheampong – Employment Minister

    SSNIT has received NPRA’s approval to sell its hotels to Bryan Acheampong – Employment Minister

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah, announced in Parliament on Thursday, July 11, that the National Pensions Regulatory Authority (NPRA) has cleared the Social Security and National Insurance Trust (SSNIT) to proceed with its contentious plan to sell four hotels to Bryan Acheampong’s Rock City Hotel.

    This decision comes despite significant public opposition and initial directives to halt the transaction.

    Addressing Parliament, Minister Baffuor Awuah explained that the NPRA’s initial directive was issued to ensure all details of the sale were thoroughly reviewed.

    “As Minister, I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead,” he stated.

    The Employment Minister elaborated that SSNIT’s decision to sell 60% of its stake in the four hotels is part of a broader strategy to enhance investment performance.

    Minister for Employment, Labour Relations and Pensions, Ignatius Baffuor Awuah

    He emphasized that this move aligns with the primary objective of the scheme, which is to provide monthly pensions and related benefits to Ghanaian workers, ensuring their retirement income security.

    “SSNIT’s decision to divest is also supported by its funding and investment objectives,” Mr. Awuah noted. He highlighted that SSNIT has been implementing various strategic measures to achieve its goals, including rebalancing its investment portfolio, increasing investment in fixed income, decreasing equity exposure, and restructuring non-performing investments.

    Despite these explanations, the sale has faced backlash from the public and civil society organizations. North Tongu MP, Samuel Okudzeto Ablakwa, who brought attention to the deal, has raised concerns about the ability of Bryan Acheampong’s Rock City Hotel Limited to turn around the fortunes of the SSNIT hotels.

    Mr. Ablakwa pointed out that Labadi Beach Hotel, Ridge Royal, and the other hotels involved are profitable, while Rock City Hotel Limited has consistently reported losses.

    Mr. Ablakwa accused the transaction of being part of a larger pattern of state capture by appointees of the Akufo-Addo government.

    He questioned the prudence of selling profitable state assets to a company with a track record of financial losses, suggesting that the deal might not be in the best interest of the public and pension contributors.

  • SSNIT: Pension contributions for 2023 hit GHC6.8bn

    SSNIT: Pension contributions for 2023 hit GHC6.8bn

    SSNIT Pension Scheme has accumulated a total of ₵6.8 billion in contributions, as reported in SSNIT’s operational summary for the year 2023.

    Contribution collections for 2023, showed about a billion cedis jump from the ₵5.8 billion collected in 2022. In 2021, contributions stood at ₵4 billion while in 2020 SSNIT mobilized ₵5 billion.

    The 2023 operations report showed that, private sector contributions stood at ₵4 billion as against a target of ₵3.5 billion. This represents 113.9 percent of its performance.

    By December 2023, contributions from the public sector totaled ₵2.8 billion, falling short of the ₵4.8 billion target, achieving 66 percent of the expected contributions.

    During the same period, SSNIT disbursed ₵5.4 billion in benefit payments, resulting in a surplus of ₵1.4 billion.

    In 2022, total benefit payments amounted to ₵4.1 billion, while in 2021, it was ₵3.6 billion.

    State of Membership

    The figures indicated that active membership reached 1.9 million, demonstrating notable growth compared to previous years.

    According Managers of the scheme, the company was able to retrieve ₵284 million in of arrears.

    Sustaining the Performance

    The company’s management has committed to adopting strategies aimed at enhancing the scheme’s growth. These initiatives include:

    1. Promoting and educating stakeholders, including self-employed individuals, on the use of the Trust’s digital platforms for making contributions.
    2. Partnering with the Office of the Director General to engage prominent employers or quasi-governmental organizations with outstanding debts to recover funds.
    3. Increasing efforts to enroll new SEED members and ensuring timely payment processing.
  • Our best bet now – SSNIT Director General insists on sale of majority stake of hotels

    Our best bet now – SSNIT Director General insists on sale of majority stake of hotels

    SSNIT has justified its sale of a majority stake (60%) in four hotels to a private investor, citing it as the best strategy to rejuvenate the hotels’ financial prospects.

    The properties involved are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel.

    During a press briefing in Accra, SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, emphasized that after thorough evaluation, the decision to opt for privatization was driven by the hotels’ ongoing financial losses, making a change in management unfeasible.

    “We’ve been through quite a lengthy process to do so. Bear in mind, we’ve also tried having external management companies running the SSNIT hotels and that hasn’t resolved the problem either.

    “So, for us, we look at it twofold, that we are looking to resolve a problem and do so with the introduction of a strategic investor and we outlined the reasons there.”

    “Consistent losses by almost all of our hotels. I know you are aware that Labadi doesn’t make a profit, but the returns are below [par]. They haven’t paid us any dividends with the exception of Labadi. Labadi Beach Resort only started paying dividends for the last 2 years. They haven’t from inception,” he stated.

    Despite its profitability, Osafo-Maafo also defended the decision to include Labadi Beach Hotel in the sale. He explained that SSNIT aimed to maximize overall returns, citing the current profits from the hotel as insufficient.

    “We want to maximize what we get out of it and the question that I asked somebody the other day is if you were selling your car or even your house, if you were selling your house, you’d make an attempt to actually paint it.

    “You wouldn’t wait for your car to be put on stones and then say, now this is the time to sell it. You make it look good. There’s no reason why if a business is doing well and we seek to maximise capital from its to invest elsewhere, we shouldn’t do so.”

    “The reason is simple. Returns are lower than we believe they should be, but also cash always has alternative uses. So why not? There’s a good investment rationale for that,” he stated.

  • NPP bigwigs’ sons ‘clash’ over SSNIT hotels sale

    NPP bigwigs’ sons ‘clash’ over SSNIT hotels sale

    The sons of two renowned personalities in the New Patriotic Party (NPP) are presently involved in a controversy over the sale of some hotels belonging to the Social Security and National Insurance Trust (SSNIT).

    They are the Director General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, the son of Senior Presidential Advisor Yaw Osafo-Maafo and Kwaw Worsemao Blay, the son of former National Chairman of the New Patriotic Party (NPP), Freddie Blay.

    Recently, Kofi Bosompem Osafo-Maafo has denied claims by Freddy Blay that SSNIT rejected a 200 million dollar bid by his son’s company to buy a 60 per cent stake in its hotels.

    According to Mr. Osafo-Maafo, the proposal by Spartan Ives did not pass the initial stage of the bid process.

    During a media update on the operations of the State Pension Trust, the Director General clarified that the envelope containing Spartan Ives’ financial proposal was neither opened nor assessed.

    “The claim made by Mr. Freddy Blay that his son’s company, Spartan Ives, bid 150 to 200 million dollars and SSNIT turned it down cannot be substantiated,” he stated.

    “For the process, you first go through an evaluation panel and score. Once scored and you get past the pass mark, we then assess your financial proposal. That is the process, and that is what the law requires us to do.

    “We did exactly that. Spartan Ives did not get past the evaluation stage. Their technical proposal was weak, and they scored below the required 50%, so their financial proposal was not even assessed. The envelope was not even opened. It was returned to them. That is what the law requires us to do.

    “So to say that SSNIT received an offer of 150 to 200 million dollars and turned it down is not accurate because the offer was never made; the offer was never opened,” he emphasized.

    This clarification follows a revelation by Freddy Blay, Board Chairman of the Ghana National Petroleum Corporation (GNPC), that his son was interested in buying SSNIT’s shares in some hotels advertised in 2022.

    In an interview on TV3 on June 24, 2024, the former NPP National Chairman mentioned that his son submitted a bid of not less than 200 million for about seven SSNIT hotels, but his bid was not accepted.

    Although Blay did not specify the currency denomination for his son’s bid, numerous reports indicated that the bidding was done in United States dollars ($).

    “My son is about 33, 34 (years old). He’s grown up and involved in business. I don’t answer questions for him. But that apart, my son, if you care to know, is not just involved in hotels; he is involved in the tourism industry.

    “SSNIT offered to sell several hotels. He wanted a package, and my son’s company, Spartan (Ives SSA), applied alongside about twelve or so companies. He offered to buy it for over 150 to 200 million with a syndicate of banks supporting him and a well-branded hotel chain,” he said.

    Blay added, “SSNIT decided that they would rather not give it to my son’s company but give it to another company.”

    However, this allegation has been refuted by SSNIT.

    Meanwhile, SSNIT says the decision to sell off a 60 percent stake in four of its hotels remains inconclusive.

    The Trust revealed that it has halted negotiations leading to the sale of a 60 percent stake in its hotels to Rock City Hotel, owned by the Food and Agric Minister, Bryan Acheampong.

    This halt is in line with a directive from the National Pensions Regulatory Authority (NPRA), the institution added.