SSNIT Hotels: They rundown the institutions and turn around to buy them – Ablakwa

North Tongu Lamaker has asked why state assets that are claimed to be performing poorly financially turn around to do well when they are acquired by individuals.

To him, the managers of the assets deliberately rundown the institutions and turn around to acquire them.

His comments come after the Social Security and National Insurance Trust (SSNIT) earlier justified its decision to sell 60% stake in a number of its hotels to Rock City Hotel Limited, a firm owned by Minister for Food and Agriculture and Member of Parliament for Abetifi, Bryan Acheampong.

In a press briefing on Monday, July 8, the Director General of SSNIT, Kofi Bosompem Osafo-Maafo insisted that all the hotels put up for sale had recorded consistent losses.

According to him, the majority of hotels were not paying dividends and that selling them was the only option to revive the hotels.

“I don’t think anyone running an investment funding in the world would be sitting and earning substandard returns.. we have to address the issue,” he explained.

But speaking on the Key Points on TV3 Saturday, July 13 while reacting to the SSNIT discontinuation of the sale of the hotels, Mr Ablakwa said “If you can’t turn fortunes around why are you still in office?”

He added “they deliberately run these institutions down and turn around to acquire it.”

His comments come after SSNIT announced its discontinuation of the sale of the 60% shares in the four hotels.

This comes after several labour unions announced their decision to embark on a nationwide strike following approval by the National Pensions and Regulatory Authority (NPRA) for SSNIT to procceed 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.

SSNIT assured pensioners and contributors of managing the affairs of the Trust “prudently for the sustainability of the Pension Scheme.”

 

 

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