Organised Labour To Strike On July 15 Over Proposed Sale Of SSNIT Hotels To Bryan Acheampong
- Organised Labour will strike on Monday, July 15, to protest the sale of a 60 percent stake in four hotels owned by SSNIT
- National Pensions Regulatory Commission gave the green light for the transaction to proceed despite corruption concerns
- The hotels in question include Labadi Beach Hotel, La Palm Royal Beach Resort and Elmina Beach Resort
Organised Labour will strike on Monday, July 15, to protest the sale of a 60 per cent stake in four hotels owned by SSNIT to Rock City Hotel, owned by Agriculture Minister Bryan Acheampong.
The leadership of Organised Labour met on Friday, July 12, 2024, a day after it was reported that the National Pensions Regulatory Commission approved the transaction despite the corruption and conflict of interest concerns.
Source: Facebook
In an address to the press after the meeting, the Secretary General of the Trades Union Congress, Dr Yaw Baah, urged all workers to down tools until the deal to sell the hotels is reversed.
“We find it extremely difficult to understand how and why NPRA will turn around to approve such a flawed deal," he said.
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What has SSNIT said about the deal?
The trust has previously defended the move to sell a 60 percent stake in its hotels to Rock City Hotel.
SSNIT's response followed a petition to the Commission on Human Rights and Administrative Justice on the conflict of interest in the deal.
The trust said the deal to partner with an investor started in 2018 through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act.
It also noted that the advertisement was published in The Economist's January 5-11, 2019, edition. This led to 15 firms expressing interest, following which six were shortlisted.
SSNIT said the Rock City Hotel submitted the best and strongest technical and financial proposal, so it is negotiating to sell a 60 percent stake in four hotels: Labadi Beach Hotel, La Palm Royal Beach Resort and Elmina Beach Resort.
North Tongu MP Samuel Ablakwa, a critic of the deal, contends that selling SSNIT’s shares violates procurement procedures and wants the commission to stop the sale. He also criticised it as a form of state capture.
Ablakwa further asserted that Acheampong, who owns Rock City Hotel Limited, has breached the Constitution by holding a professional position without permission. This violates Articles 78(3) and 98(2) of the 1992 Constitution.
SSNIT reserves projected to hit 0 by 2036, per new report
YEN.com.gh reported the International Labour Organisation projected a complete depletion of SSNIT’s reserve by 2036.
The International Labour Organisation made these findings in an actuarial valuation study of SSNIT’s viability.
It said that starting in 2029, total contributions, investment income and other income will no longer be sufficient to pay for annual expenditures.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
