UTAG demands sacking of SSNIT board, management members after termination of hotels transaction

The University Teachers Association of Ghana has asked the management and board of the Social Security and National Insurance Trust (SSNIT) to resign over the poor handling of its members’ investments.

While expressing its support for Organised Labour’s strike declaration, UTAG believes that the actions of SSNIT in the 60% sale of shares in hotels to Rock City Ltd. have eroded public trust in the two bodies.

“UTAG firmly believes that the Board and top Management of SSNIT have demonstrated bad judgement and poor corporate governance skills that significantly eroded public trust in their ability to effectively and efficiently continue carrying out their responsibilities.”

“Their initial decision to proceed with the transaction despite widespread public outcry indicates a disregard for the sentiments and welfare of the broader populace. This action has undermined confidence in the Board and Management’s capacity to manage our pension funds and assets prudently and transparently.”

“In the light of these events, UTAG is calling for, in addition to the termination of the sale as demanded by Organised Labour, an immediate dissolution of the Board and the resignation of the top management of SSNIT” UTAG said in a statement.

The Association also demanded greater participation of Organised Labour on the SSNIT board “with minimum interference by government and political appointees.”

Below is the statement from UTAG