SSNIT terminates sale of 60% shares in four hotels

SSNIT terminates sale of 60% shares in four hotels

In a new update, the Board and Management of Social Security and National Insurance Trust (SSNIT) have decided to terminate the move to divest 60% of its stake in four hotels.

This decision came after agitations and pressure by Organized Labour to go on an Indefinite Strike starting on Monday July 15 2024.

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Authorities of these Labour Unions asked their members to drop their tools if SSNIT decides to go ahead to sell four of their hotels.

In a press statement dated July 12 2024, the Board and Management of SSNIT assured pensioners, contributors and the public of its commitment to managing the affairs of the Trust wisely for the sustainability of the Pension Scheme.

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“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.”

“We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme.” – part of the statement read.

In a related development too, Rock City Hotel, in a letter dated July 12 2024 earlier today announced its decision to withdraw its bid to purchase the 60% shares of the four hotels.

Which labour unions decided to go on Strike if SSNIT attempted to sell four of its hotel stake?

The six agencies that have committed to participating in the strike action against SSNIT include the Public Utility Workers Union of TUC-Ghana (PUWU), the General Transport, Petroleum and Chemical Workers Union of TUC, the Judicial Service Staff Association of Ghana (JUSAG), Teacher Unions, and the Ghana Registered Nurses and Midwives Association (GRNMA).

Also, the Ghana Medical Association (GMA) has declared its resolve to join the strike if SSNIT goes ahead to sell 60% of its stake in four hotels they own.