TUC demands majority representation on SSNIT board to bring down Bryan Acheampong and other deals


The Trades Union Congress (TUC) has expressed the need for majority representation on the Social Security and National Insurance Fund Board (SSNIT) to influence key decisions relating to pension fund investment.

Dr Kwabena Nyarko-Otoo, Director of Research and Policy at the TUC, said having only four members on the board is insufficient as they may lose the vote on critical issues.

He told Evans Mensah, host of Joy News’ PM Express on Tuesday, that this concern has been a key request presented to President Akufo-Addo for his consideration.

According to Dr Nyarko-Otoo, with greater representation, the TUC would have been more vocal against SSNIT’s decision to sell its 60% stake in four hotels to Abetifi MP Bryan Acheampong.

“There are many things we know about the SSNIT and other state institutions, and we have our level with which we address some of these issues,” he explained.

The Union is facing a backlash from its members for failing to stop the Trust from selling its 60% stake in four hotels to the Agriculture Minister.

The TUC has been criticized for being an outgoing duck, despite having four members on the SSNIT board, as it took the North Tongu MP to go public with the sale of the asset stake.

However, the TUC’s Director of Research and Policy disagrees.

He said: “Already in 2017, we raised with the President several issues related to the SSNIT. For example, we thought that the unions needed more members on the SSNIT Board because those four members can always be outnumbered by one vote.”

Dr Nyarko-Otoo also mentioned that the TUC has requested that the appointment of the SSNIT Director General be made by the board of directors and not the President.

However, he acknowledges that such demands take time to materialise, as the TUC is not the only interest group making them.

Furthermore, Dr. Nyarko-Otoo expressed his displeasure that board members are required to take an oath of secrecy, which prevents them from sharing certain information with their members.

Background

The Social Security and National Insurance Fund (SSNIT), has explained its decision to sell a 60% stake in four of its hotels to Rock City Hotel, owned by Bryan Acheampong.

In a statement issued on Sunday, May 19, SSNIT explained that Rock City Hotel Limited submitted the best and most solid technical and financial proposal among the offers received, meeting the criteria established in the Request for Proposals (RFP).

According to SSNIT, the selection process was transparent and strictly adhered to the Public Procurement Law.

The Trust emphasized that there was no favoritism in selecting Rock City Hotel Limited.

SSNIT explained that the decision to partner with an investor was made to raise capital for future investments in its hotels and improve its management.

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