The University Teachers Association of Ghana (UTAG) is demanding the immediate resignation of the board and top management of the Social Security and National Insurance Trust (SSNIT). This call for a complete leadership overhaul comes in the wake of controversy over SSNIT’s now-cancelled deal to sell a majority stake in several hotels to a private entity owned by Ghana’s Minister of Food and Agriculture.
UTAG has expressed serious concerns about the management’s decision-making capabilities, particularly criticizing their involvement in a deal that was broadly condemned by the public. The association argues that the deal not only demonstrated a severe lapse in judgment but also highlighted a disconnect from public opinion and a disregard for the welfare of the broader populace.
In a statement released by UTAG President Prof. Mamudu Akudugu and General Secretary Prof. Eliasu Mumuni, they articulated the need for fresh leadership to restore public trust and ensure responsible management of the pension funds: “Those in positions of power within SSNIT must step down to allow new people with a better appreciation of the enormity of the responsibility of managing pension funds to take over.”
The controversy began when SSNIT intended to divest 60 percent of its shares in four hotels, a move that led to widespread public outcry and subsequent protests. Although SSNIT eventually terminated the deal, the damage, according to UTAG, had been done. The association has criticized the SSNIT Board and top management for their initial decision to proceed with the transaction despite the public disapproval, stating that such actions have undermined confidence in their capacity to manage the nation’s pension funds and assets prudently and transparently.
Furthermore, UTAG has thrown its support behind a call by organized labor for a nationwide strike action against SSNIT. The strike, which was declared on July 12, 2024, by various labor organizations, reflects broader dissatisfaction with SSNIT’s handling of investment interests and assets. UTAG has indicated that it is preparing to follow through with the strike, adhering to constitutional provisions that govern their actions.
