The Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has said that SSNIT operations have seen much improvement in the current board.
He says they have resolved the issues at SSNIT that they inherited.
“Let me make another point that is worth stressing and that is what the board and management of SSNIT have achieved since I have been there since 2017 and I can speak to the track record and changes that have been put in place.
“When we look at the operational improvements that have been brought in, the efficiency of the SSNIT’s operation has been much better. If you look at the legacy issues and the magnitude of what we inherited, we have resolved them positively.
“The contracts that SSNIT went in to do real estate as far back as 2016 involved an investment of $185 million and we are in the process of disposing of approximately 20 percent of those real estate assets and we are continuing to do that. In cost-saving measures, the saving alone that we made on the Westhills Ridge project is $30 million.”
Organised Labour to engage SSNIT board to resolve outstanding issues
“I can go through other real estate investments that began a few years ago and we have just completed the largest affordable housing project in the country in Kumasi. We have also put in a set of investments that will outlive me to put the Trust in the best position,” Mr. Osafo-Maafo said in Cti FM on Monday, July 15 while touching on the discontinuation of the move to sell 60 percent shares in the four hotels belonging to SSNIT.
SSNIT had announced its discontinuation of the sale of the 60% shares in the four hotels. The decision to discontinue the sale followed the earlier notice by labour unions to embark on a nationwide strike following approval by the National Pensions and Regulatory Authority (NPRA) for SSNIT to procced with the sale of 60% shares in the four hotels.
A statement released by SSNIT on Friday, July 12 announced to the public the termination of the controversial sale of the shares in the hotels.
“The Board and management of 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,” Board Chair of SSNIT Elizabeth Akua Ohene said in the statement.
Background
Rock City Hotel, owned by Agriculture Minister Bryan Acheampong was revealed few weeks ago has the sole investor which satisfied the bidding process to purchase 60% of shares in SSNIT’s four hotels.
The news about the sale of the 60% shares of the four hotels was met with resentment from all corners of the general public.
When the matter came to light, North Tongu MP, Samuel Okudzeto Ablakwa vehemently opposed the bid saying state officials cannot “loot and share” state assets.
He further organised a demonstration to protest against the sale of SSNIT Hotels. Various labour unions also spoke against the move which further prompted the NPRA to direct SSNIT on June 28 to suspend its negotiations with Rock City over the sale of four hotels, pending further evaluation and engagement.
However, answering questions on the floor of Parliament on Thursday, July 11, Employment and Labour Relations Minister, Ignatius Baffour Awuah confirmed that NPRA has given the go ahead for the hotels to be sold after the Authority was satisfied that SSNIT has complied with all due processes.
He said the directive from the NPRA was only to ensure that SSNIT had complied with all the processes and documentation and not to completely prevent SSNIT from selling the hotels.
“Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read the directive from NPRA. It said it needed to be furnished with all information relating to the sale of the hotels, which SSNIT has since done that.
“Yes, so, as a minister, I can tell you tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead.”
This revelation prompted several labour unions to take action by declaring a nationwide strike following which SSNIT has terminated the controversial sale of 60% of its shares in the four hotels.
The post Efficiency of SSNIT operation has been much better under current board – Osafo-Maafo first appeared on 3News.
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