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The
University
Teachers
Association
of
Ghana
(UTAG)
has
demanded
the
immediate
dissolution
of
the
board
of
the
Social
Security
and
National
Insurance
Trust
(SSNIT)
over
the
move
to
sell
the
hotels.
UTAG
says
they
firmly
believe
that
the
Board
and
top
Management
demonstrated
bad
judgement
and
poor
corporate
governance
skills
that
significantly
eroded
public
trust
in
their
ability
to
effectively
and
efficiently
continue
carrying
out
their
responsibilities.
UTAG’s
demand
comes
on the
back
of
the
discontinuation
of
the
sale
of
the
60%
shares
in
the
four
hotels
by
SSNIT.
The
decision
to
discontinue
the
sale
came
after
several
labour
unions
announced
their
decision
to
embark
on
a
nationwide
strike
following
approval
by
the
National
Pensions
and
Regulatory
Authority
(NPRA)
for
SSNIT
to
proceed
with
the
sale
of
60%
shares
in
the
four
hotels.
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.”
UTAG
in
a
statement
reacting
to
this
said
“In
light
of
the
declaration
of
a
nationwide
strike
by
Organized
Labour
on
12th
July
2024,
the
University
Teachers
Association
of
Ghana
(UTAG)
unequivocally
supports
the
action.
Consequently,
UTAG
has
begun
the
necessary
steps
to
activate
a
nationwide
strike
as
per
the
declaration
by
Organized
Labour,
strictly
following
the
UTAG
Constitutional
provisions.
This
decision
is
not
taken
lightly
but
reflects
our
deep-seated
concern
over
the
current
handling
of
SSNIT
investment
interests
and
its
assets.
“UTAG
firmly
believes
that
the
Board
and
top
Management
of
SSNIT
have
demonstrated
bad
judgement
and
poor
corporate
governance
skills
that
significantly
eroded
public
trust
in
their
ability
to
effectively
and
efficiently
continue
carrying
out
their
responsibilities.
“Their
initial
decision
to
proceed
with
this
transaction,
despite
widespread
public
outcry,
indicates
a
disregard
for
the
sentiments
and
welfare
of
the
broader
populace.
This
action
has
undermined
confidence
in
the
Board
and
Management’s
capacity
to
manage
our
pension
funds
and
assets
prudently
and
transparently.”
The
statement
added
“In
light
of
these
events,
UTAG
is
calling
for,
in
addition
to
the
termination
of
the
sale
as
demanded
by
Organized
Labour,
an
immediate
dissolution
of
the
Board
and
the
resignation
of
the
top
Management
of
SSNIT.
“Their
involvement
in
this
unpopular
and
controversial
transaction
has
revealed
a
critical
lapse
in
their
judgment
and
accountability
and
a
poor
appreciation
of
the
public
wisdom.
Thus,
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
and
restore
public
trust
and
ensure
that
such
actions
are
not
repeated
in
the
future.
“Indeed,
we
demand
greater
participation
of
Organised
Labour
in
the
Management
of
SSNIT
with
minimum
interference
by
government
and
political
appointees
who
mostly
do
the
bidding
of
the
appointing
authority.
“UTAG
is
resolute
in
its
unity
with
Organized
Labour
in
this
struggle
to
safeguard
the
interests
of
our
Members,
the
ordinary
Ghanaian
Workers
and
Pensioners.
We
call
upon
all
stakeholders
to
acknowledge
the
seriousness
of
this
situation
and
stand
with
us
in
demanding
the
fundamental
principles
of
transparency,
accountability,
and
integrity
in
managing
our
pension
funds.”