The Trades Union Congress (TUC) has expressed a need for majority representation on the Social Security and National Insurance Trust (SSNIT) Board to influence key decisions regarding the investment of pension funds.
Dr Kwabena Nyarko-Otoo, the TUC’s Director of Research and Policy, stated that having only four members on the board is insufficient, as they can be outvoted on critical issues.
He told Evans Mensah, the host of Joy News’ PM Express on Tuesday that this concern has been a key request presented to President Akufo-Addo for consideration.
According to Dr Nyarko-Otoo, with increased representation, the TUC would have been more vocal against SSNIT’s decision to sell its 60% stake in four hotels to Abetifi MP Bryan Acheampong.
There are many things we know about SSNIT and other state institutions, and we have our level with which we deal with some of these issues,” he explained.
The Union is facing backlash from its members for failing to block the Trust from selling its 60% stake in four hotels to the Agriculture Minister.
The TUC has been criticized for being a lame duck, despite having four members on the SSNIT board, as it took the North Tongu MP to go public with the sale of the stake in the assets.
However, the TUC Director of Research and Policy disagrees.
He said, “As far back as 2017, we have put several issues regarding SSNIT to the President. For example, we thought that the labour needed more membership on the SSNIT Board because those four members can always be outnumbered by a vote.”
Dr Nyarko-Otoo also mentioned that the TUC has requested that the appointment of the Director-General of SSNIT be made by the board rather than the President.
He, however, acknowledges that such demands take time to materialize, as the TUC is not the only interest group making requests.
Additionally, Dr Nyarko-Otoo expressed dissatisfaction that board members are required to swear an oath of secrecy, preventing them from sharing certain information with their members.
Background
The Social Security and National Insurance Trust (SSNIT), has explained its decision to sell a 60% stake in four of its hotels to Rock City Hotel, owned by Bryan Acheampong.
In a statement issued on Sunday, May 19, SSNIT explained that Rock City Hotel Limited submitted the best and strongest technical and financial proposal among the bids received, meeting the criteria set out in the Request for Proposals (RFP).
According to SSNIT, the selection process was transparent and strictly adhered to the Public Procurement Act.
The Trust emphasised that there was no favouritism involved in selecting Rock City Hotel Limited.
SSNIT explained that the decision to partner with an investor was initiated to raise capital for further investments in their hotels and to enhance their management.