The Social Security and National Insurance Trust (SSNIT) has made a significant decision to terminate the planned sale of 60% of its shares in four hotels following widespread dissent from various labor unions.
This reversal comes after the National Pensions Regulatory Authority (NPRA) approved the sale of shares, leading to growing discontent within the workforce.
The announcement was made in a statement released by SSNIT on Friday, July 12, where Board Chair Elizabeth Akua Ohene conveyed the organization’s decision to halt the divestment process.
The sharp reaction from labor unions, culminating in plans for a nationwide strike, prompted SSNIT to reconsider the strategic move.
“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,” stated Ohene, emphasizing the importance of sustaining the Pension Scheme for the benefit of pensioners and contributors.
The sudden shift in direction by SSNIT underscores the significance of community feedback and stakeholder engagement in major organizational decisions.
As the Trust reassures its commitment to managing affairs prudently for the sustainability of the Pension Scheme, the broader lesson of aligning with the interests of all parties involved resonates deeply in the wake of this development.
With the sale of shares in the hotels now off the table, SSNIT faces the task of navigating future strategies that balance financial objectives with stakeholder expectations to ensure the longevity and prosperity of the Pension Scheme.
By Vincent Kubi