SSNIT terminates controversial hotels transaction

The management of SSNIT has backtracked on its intended sale of a 60% share in four hotels to Rock City Hotels Ltd.

The Trust, in a press release signed by its Board Chair, Elizabeth Ohene, moments after organised labour declared a nationwide strike over the deal, stated as follows:

“The Board and Management of the 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,” it added.

Organised Labour had served notice of a nationwide strike from Monday until SSNIT publicly announced its withdrawal from the transaction following a revelation by Minister for Employment and Labour Relations, Ignatius Baffour-Awuah that NPRA had approved the sale.