STATEMENT: Forum for Development and Accountable Government condemns sale of SSNIT shares to Bryan Acheampong

The Forum for Development and Accountable Government (FDAG) vehemently condemns the recent decision by the Social Security and National Insurance Trust (SSNIT) to sell 60% of its shares in four prime hotels to Hon. Bryan Acheampong, an NPP MP and Minister of Agriculture. This decision is not only deeply flawed but also represents a significant betrayal of public trust and a blatant violation of ethical standards.

SSNIT’s attempt to rationalize this sale under the guise of raising capital and improving hotel management is disingenuous at best and outright deceptive at worst. The process, which purportedly began through International Competitive Tendering (ICT) in 2018, reeks of cronyism and lack of transparency. Despite SSNIT’s claims of adhering to the Public Procurement Act, the involvement of a high-ranking government official in this transaction raises serious questions about conflicts of interest, abuse of power, and lack of due process.

We echo the grave concerns raised by North Tongu MP, Samuel Okudzeto Ablakwa, in his petition to the Commission on Human Rights and Administrative Justice (CHRAJ). The allegations of procurement breaches, cronyism, and graft are alarming and warrant an immediate and thorough investigation. Moreover, Hon. Bryan Acheampong’s alleged involvement in this sale without the necessary approval from the Speaker of Parliament constitutes a clear breach of parliamentary protocol and ethical standards, as outlined in Articles 78(3) and 98(2) of the 1992 Constitution.

The former Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Dr. Daniel Seddoh, has rightly highlighted the inherent contradiction in SSNIT’s strategy. It is fundamentally illogical and imprudent to sell a majority stake and yet claim to retain control and ensure efficiency. This move is undoubtedly not in the best interest of SSNIT contributors, whose hard-earned pensions are at risk of being compromised by such reckless decisions.

The FDAG calls on all relevant authorities, including CHRAJ and Parliament, to urgently intervene and halt this sale. We demand a comprehensive and transparent review of the entire process to ensure that it complies with the highest standards of accountability and public interest. The interests of SSNIT contributors must be safeguarded against any form of exploitation or mismanagement.

We stand firm in our commitment to hold public institutions accountable and ensure that the principles of good governance and integrity are upheld. The sale of SSNIT’s assets to Hon. Bryan Acheampong is a glaring affront to these principles, and we will not rest until justice is served.

Yours sincerely,

Kojo Danquah

Executive Director

Source: FDAG