President Nana Addo Dankwa Akufo-Addo has downplayed the controversy surrounding the decision by the Social Security and National Insurance Trust (SSNIT) to transfer some of its hotel assets to Rock City Hotels, a company owned by Agriculture Minister Bryan Acheampong. The decision, which sparked significant public backlash and threats of a nationwide strike led by North Tongu Member of Parliament Samuel Okudzeto Ablakwa and organized labor, has been characterized by the President as unwarranted and exaggerated.
President Akufo-Addo Calls for Constructive Dialogue
Addressing the delegates at the 12th Quadrennial Congress of the Trades Union Congress in the Central Region, President Akufo-Addo dismissed the uproar as unnecessary. Furthermore, he emphasized that SSNIT’s 2023 financial report, which recorded a profit exceeding GHȼ230 million, should reassure the public and quell concerns over the divestment of certain non-performing assets.
“The strong financial performance of SSNIT, evidenced by a surplus of 230 million cedis, should put to rest any concerns about its operations. The recent controversy over SSNIT’s efforts to offload non-performing assets in its hotel portfolio is unfounded,” Akufo-Addo stated.
The President also called on organized labor to engage in more constructive dialogue with the government, rather than resorting to strikes and public protests. He urged stakeholders to consider the long-term interests of SSNIT and the pensioners it serves, cautioning against inflammatory remarks that could damage the institution’s credibility and stability.
SSNIT’s Divestment Plan and Public Reaction
The controversy began when SSNIT announced its intention to sell off some of its hotel interests, including a transfer to Rock City Hotels. However, the move was quickly framed by critics as a “distress sale” of profitable public assets to a government official, raising concerns about transparency and potential conflicts of interest.
In response to the backlash, organized labor announced plans to reform its representation on the SSNIT board, signaling dissatisfaction with the decision-making process. Despite these reactions, President Akufo-Addo defended the divestment plan, arguing that it was a strategic move to shed non-performing assets and strengthen SSNIT’s overall financial health.
“It is my understanding that the transaction, which has since been halted, was one of the few instances where external investors showed interest in SSNIT holdings. Such opportunities should be evaluated carefully and not dismissed out of hand,” the President remarked.
Looking Ahead: Balancing Public Interest and Institutional Stability
As the controversy continues to simmer, President Akufo-Addo’s comments are likely aimed at restoring public confidence in SSNIT’s management. By highlighting the institution’s recent financial successes, the President seeks to shift the narrative from one of scandal to one of prudence and forward-thinking strategy.
The halted sale has, however, opened up broader discussions about how public assets are managed and the need for greater transparency in such transactions. Moreover, the situation underscores the delicate balance that must be maintained between public accountability and the need for state institutions to make financially sound decisions.
As the government and SSNIT navigate these challenges, the call for measured discourse and constructive engagement will be critical in ensuring that the long-term interests of pensioners and the public are safeguarded.
Source: Graphic Online
