Richard Ahiagbah
The Communications Director of the New Patriotic Party (NPP), Richard Ahiagbah, says Social Security and National Insurance Trust (SSNIT)’s termination of the sale of the four hotels, which has received public backlash in recent times, has the tendency to affect corporate governance.
Mr. Ahiagbah’s views comes in the wake of the termination of the intended sale of a 60% stake in four of its hotels by SSNIT to a private hotel owned by Ghana’s Minister of Food and Agriculture, Bryan Acheampong.
The Communications Director, in an interview with DAILY GUIDE, said though the hotels have not been profitable for some time now and organised labour has prevailed to halt the sale of 60% shares to Rock City Hotel, which may seem like a victory worth celebrating, it could set a bad precedent and a recipe for disaster.
“Just as we are bound to respect a referee’s decision in a football game, we must also abide by the outcomes of the democratic processes even if they don’t align with our preferences.
“While I empathise with the workers’ concern, we must also consider the implications of impeding a legitimate corporate decision,” he stressed.
He said SSNIT must still find a way to make these hotels profitable, as the disruption witnessed in the board’s work is a recipe for long-term decline, which may potentially undermine confidence in future SSNIT transactions due to the uncertainty of the transaction.
He further stated how SSNIT would have to keep these underperforming hotels on its books while workers lose value.
“The hotels may continue to make losses, which mean SSNIT will continue to make losses. In other words, this decision may end up being an own goal by workers.
“The political implications are dire if copycats in the future decide to play out this script,” he stressed.
A brief statement signed by the Board Chair of SSNIT, Elizabeth Ohene, said the process has been terminated, assuring pensioners, contributors and the public of “its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.”
By Ebenezer K. Amponsah