Efficiency of SSNIT operation has been much better under current board – Osafo-Maafo 

The
Director-General
of
the
Social
Security
and
National
Insurance
Trust
(SSNIT),
Kofi
Bosompem
Osafo-Maafo,
has
said
that
SSNIT
operations
have
seen
much
improvement
in
the
current
board.

He
says
they
have
resolved
the
issues
at
SSNIT
that
they
inherited.

“Let
me
make
another
point
that
is
worth
stressing
and
that
is
what
the
board
and
management
of
SSNIT
have
achieved
since
I
have
been
there
since
2017
and
I
can
speak
to
the
track
record
and
changes
that
have
been
put
in
place.

“When
we
look
at
the
operational
improvements
that
have
been
brought
in,
the
efficiency
of
the
SSNIT’s
operation
has
been
much
better.
If
you
look
at
the
legacy
issues
and
the
magnitude
of
what
we
inherited,
we
have
resolved
them
positively.

“The
contracts
that
SSNIT
went
in
to
do
real
estate
as
far
back
as
2016
involved
an
investment
of
$185
million
and
we
are
in
the
process
of
disposing
of
approximately
20
percent
of
those
real
estate
assets
and
we
are
continuing
to
do
that.
In
cost-saving
measures,
the
saving
alone
that
we
made
on
the
Westhills
Ridge
project
is
$30
million.”

Organised
Labour
to
engage
SSNIT
board
to
resolve
outstanding
issues

“I
can
go
through
other
real
estate
investments
that
began
a
few
years
ago
and
we
have
just
completed
the
largest
affordable
housing
project
in
the
country
in
Kumasi.
We
have
also
put
in
a
set
of
investments
that
will
outlive
me
to
put
the
Trust
in
the
best
position,”
Mr.
Osafo-Maafo
said
in
Cti
FM
on
Monday,
July
15
while
touching
on
the
discontinuation
of
the
move
to
sell
60
percent
shares
in
the
four
hotels
belonging
to
SSNIT.

SSNIT
had
announced
its
discontinuation
of
the
sale
of
the
60%
shares
in
the
four
hotels.
The decision
to
discontinue
the
sale
followed
the
earlier
notice
by
labour
unions
to
embark
on
a
nationwide
strike
following
approval
by
the
National
Pensions
and
Regulatory
Authority
(NPRA)
for
SSNIT
to
procced
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.

Background

Rock
City
Hotel,
owned
by
Agriculture
Minister
Bryan
Acheampong
was
revealed
few
weeks
ago
has
the
sole
investor
which
satisfied
the
bidding
process
to
purchase
60%
of
shares
in
SSNIT’s
four
hotels.

He
further
organised
a
demonstration
to
protest
against
the
sale
of
SSNIT
Hotels.
Various
labour
unions
also
spoke
against
the
move
which
further
prompted
the
NPRA
to
direct
SSNIT
on
June
28
to
suspend
its
negotiations
with
Rock
City
over
the
sale
of
four
hotels,
pending
further
evaluation
and
engagement.

However,
answering
questions
on
the
floor
of
Parliament
on
Thursday,
July
11,
Employment
and
Labour
Relations
Minister,
Ignatius
Baffour
Awuah
confirmed
that
NPRA
has
given
the
go
ahead
for
the
hotels
to
be
sold
after
the
Authority
was
satisfied
that
SSNIT
has
complied
with
all
due
processes.

He
said
the
directive
from
the
NPRA
was
only
to
ensure
that
SSNIT
had
complied
with
all
the
processes
and
documentation
and
not
to
completely
prevent
SSNIT
from
selling
the
hotels.