SSNIT Terminates Hotel Sale to Organized LabourSSNIT Terminates Hotel Sale to Organized Labour The Social Security and National Insurance Trust (SSNIT) has officially announced its decision to terminate the sale of its four hotels to Organized Labour. The sale was terminated following pressure from Organized Labour, which had threatened to hold a nationwide strike on July 15. Background SSNIT had previously negotiated the sale of 60% of its shares in four hotels to the Rock City Hotel, owned by Agriculture Minister Bryan Acheampong. The deal sparked controversy, with Organized Labour opposing the sale, arguing that it would harm the interests of retirees. Termination Announcement In a letter dated July 14, SSNIT’s Board of Trustees Chairman, Elizabeth Akua Ohene, stated that the sale process has been terminated. The letter assures retirees that SSNIT remains committed to managing the Trust’s affairs responsibly. Strike Averted The termination of the sale has averted the planned nationwide strike by Organized Labour. The group had threatened to continue with the strike until SSNIT withdrew from the hotel deal. Reactions The termination of the hotel sale has been welcomed by Organized Labour. The group vowed to continue to monitor SSNIT’s activities to ensure that the interests of retirees are protected. SSNIT has assured retirees and the public that it will manage the Trust’s affairs prudently to ensure the sustainability of the pension system.
The Social Security and National Insurance Trust (SSNIT) has officially announced its decision to terminate the sale of its four hotels to Organised Labour.
The termination of the sale was announced after the Organized Labor union decided to hold a nationwide strike on Monday, July 15.
SSNIT negotiated the sale of 60 percent of its shares in four hotels to the Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.
The group had threatened to continue with the planned strike until SSNIT informed them of its decision.
However, a letter dated Sunday, July 14, signed by the Chairman of the Board of Trustees, Elizabeth Akua Ohene, states: “The Board of Directors and Management of Social Security and National Insurance Trust (SSNIT) wishes to inform you that the process to sell 60% of SSNIT’s interest in the hotels has been terminated.
It assured the retirees that it would manage the Trust’s affairs sensibly.
“We want to assure retirees, contributors and the public of our commitment to prudently manage the Trust’s affairs for the sustainability of the pension system.”
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