President Nana Addo Dankwah Akufo-Addo has for the first time commented on the raging debate on the sale of four hotels in which the Social Security and National Insurance Trust (SSNIT) holds majority shares.
Addressing the issue at the 12th Quadrennial National Delegates Congress of the Trades Union Congress on August 20, Akufo-Addo countered claims that SSNIT is mismanaged, highlighting that the pension scheme continues to achieve notable financial success.
He added that the impressive financial performance of the Social Security and National Insurance Trust (SSNIT) in its 2023 report should settle concerns about the Trust’s decision to divest from certain underperforming assets.
“Active contributors to the SSNIT scheme have increased from 1.35 million in 2016 to 2 million as of April 2024. The National Pensions Regulatory Authority has expanded its zonal offices from 2 in 2016 to 6 thereby enhancing visibility and bringing its services closer to the people.”
“Coverage of pensions in the informal sector also increased from ninety-one thousand two hundred and fifty-three in 2016 to eight hundred and seventeen thousand four hundred and forty-four currently.”
“Total assets under management have grown from 15.7 billion cedis in December 2016 to 71.6 billion cedis in March 2024,” the President stressed.”
The President’s reaction is a direct response to a protest led by Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, and Organised Labour in June. The demonstrators had called for the immediate dissolution of the SSNIT Board and the resignation of senior management over the sale of 60% of SSNIT’s holdings in the four hotels.
President Akufo-Addo has also labeled the controversies regarding the sale of the hotels to Rock City Hotels, owned by his Minister of Agriculture, Bryan Acheampong, as unwarranted.
“I take note in particular of the improved performance of SSNIT which recently announced a surplus of 230 million cedis on its operation. This should be reassuring to Organised Labour and perhaps bring into sharp relief the unnecessary controversy that was recently generated by SSNIT’s efforts to offload none performing assets in its hotel portfolio.
“It is my understanding that the transaction that was aborted represented the only occasion in recent history of SSNIT that external investors sort to invest in SSNIT’s holdings.
“All of us need to be measured when it comes to making decisions and pronouncements that will affect the long-term interest of pensioners,” Akufo-Addo added.














































