The Management of the Social Security and National Insurance Trust (SSNIT) has refuted former Chief Justice Sophia Akuffo’s recent claims about the mishandling of its hotel properties. In an interview with TV3’s Alfred Ocansey on July 25, Akuffo accused SSNIT management of deliberately devaluing the hotels to facilitate insider deals.
Akuffo alleged that SSNIT’s actions mirrored a broader trend in the public sector, where properties are neglected to reduce their value before being sold off through sweetheart deals. SSNIT responded to these accusations on July 29, calling them “false” and damaging to the Trust’s reputation.
SSNIT countered that rather than neglecting the hotels, it had taken several measures to improve their performance. These included restructuring ownership, introducing private hotel management, and providing financial support for maintenance and capital expenses. Despite these efforts, SSNIT stated that the hotels had continued to underperform, with persistent losses and insufficient returns, leading to the termination of their planned sale.
In its statement, SSNIT emphasized that the allegations of intentional mismanagement were unfounded and detrimental to public trust. The Trust reiterated its commitment to managing its assets responsibly to ensure the long-term viability of the pension scheme.
The controversy surrounding the sale of SSNIT’s shares in the hotels had already led to public outcry and protests. The planned sale of a 60% stake in the hotels to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong, faced significant opposition from various stakeholders and labor unions. This opposition led to a suspension of the sale process by the National Pensions Regulatory Authority (NPRA) for further review.
On July 12, SSNIT announced the termination of the sale, which had been under consideration since 2018. The NPRA had previously confirmed that SSNIT had complied with the necessary procedures, but this did not prevent widespread backlash and subsequent actions by labor unions, including a nationwide strike.
As of now, SSNIT remains focused on managing its assets effectively and addressing any genuine concerns raised by stakeholders.
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