SSNIT hotel sale: UTAG calls for immediate dissolution of board, management?

The University Teachers Association of Ghana (UTAG) has called for the immediate removal of management and board members of the Social Security and National Insurance Trust (SSNIT). UTAG said SSNIT's decision to proceed with the sale of four hotels despite public opposition, had eroded trust in it's ability to manage funds in transparent and prudent manner.  This is in a statement jointly signed by Prof Mamudu Akudugu, President of UTAG, and Prof Eliasu Mumuni, General Secretary of UTAG, issued to the Ghana News Agency. The Association said SSNIT's disregard for public concerns questioned the Trust's stewardship and accountability. The statement said the leadership of SSNIT must relinquish their positions to pave the way for new leadership with a deeper understanding of the gravity of managing pension funds. It said that would restore public trust and ensure that the Trust was managed with the requisite prudence and transparency, preventing similar controversies from arising in the future. It said the S SNIT Board and top management exhibited poor judgement and a lack of corporate governance expertise to sell its 60 per cent shares to Rock City Hotel. 'UTAG is resolute in its unity with organised 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 the situation and stand with us in demanding the fundamental principles of transparency, accountability, and integrity in managing our pension funds,' it said. The Trust's controversial attempt to sell 60 per cent of its stake in four hotels to Rock City Hotel has been resisted by the public and Organised Labour. Organised Labour announced a nationwide strike from Monday, July 15, in protest of the deal, highlighting the widespread opposition to SSNIT's handling of the transaction. Source: Ghana News Agency