Kofi Osafo Maafo
The Social Security and National Insurance Trust (SSNIT) has assured stakeholders of a continued engagement on the proposed 60% sale of its shares in four hotels namely, Labadi Beach, La Palm Royal Beach, Busua Beach, and Ridge Royal hotels.
Director-General of SSNIT, Kofi Osafo-Maafo, who announced this at a media engagement in Aburi, said the continuous stakeholder engagement aims to maintain the Trust’s integrity in the dealings.
The Trust has already been directed by the National Pension Regulatory Authority (NPRA) to suspend the sale.
He said the decision to sell the shares in the hotel was aimed at maximising benefits.
“Our aims are not different from the Unions. We both want best value. We want to maximise our benefits,” he said.
Mr. Osafo-Maafo said the justification for the investment decision included consistent losses, frequent request for maintenance funding, high capital expenditure and the need for strategic partnership.
The Director-General said apart from raising capital and finding experts to manage the hotels, the ultimate goal was to manage investment risks to improve investment returns.
Mr. Osafo-Maafo said pension funds were not static and that at some point, losses needed to be cut for gains to be made.
“It is a portfolio, it changes with time,” he added.
He described the Trust as the best pension scheme in the country, saying the scheme increased pensions every year, stressing, “no other scheme gives you all these…”
The Director-General said the management was building trust and confidence in the Trust, thus calling on Ghanaians to help sustain it.
“Let’s preserve SSNIT and focus on things that matter,” he said, assuring that “we will be paying pensions beyond 2036 and for life.”
A Daily Guide Report