SSNIT cancels sale of 60% stake in hotels as Rock City pulls out, workers plan demo

The Social Security and National Insurance Trust (SSNIT) has terminated its intended sale of a 60% stake in four of its hotels.
A statement from SSNIT issued came hours after Rock City Hotel, the successful bidder pulled out of the transaction due to the massive opposition by stakeholders.
The statement signed by the Board Chair of SSNIT, Elizabeth Ohene, said the process has been terminated.
SSNIT assured pensioners, contributors and the public of “its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.”
Earlier, Organised Labour declared an indefinite nationwide strike beginning Monday, July 15, 2024, over the proposed sale of 60% shares in four hotels owned by SSNIT.
This follows the National Pensions Regulatory Authority (NPRA) approval of the sale of 60% of SSNIT’s shares in the hotels, after calling for it to be stopped some two weeks ago.
“From Monday, July 15, 2024, all workers in Ghana must not go to work until SSNIT publicly announces the termination of the process for the sale of its shares in the hotels,” Organised Labour said in a press release
According to the statement, the Group found it difficult to understand how and why NPRA would turn around to approve such a “flawed deal” two weeks after issuing a directive for it to be stopped.
“Organised Labour would like to reiterate its well-known position that the proposed sale of SSNIT’s shares in the four hotels is not in the best interest of Ghanaian workers. We, therefore, demand that SSNIT terminates the process immediately,” the statement added.
The NPRA on June 28 directed SSNIT to suspend its negotiations with Rock City Hotel Limited on the proposed sale of its four hotels; however, the Authority reportedly gave its approval for the transaction later.
The NPRA’s later decision was made known on the floor of Parliament by Mr Ignatius Baffour Awuah, Pensions Minister, on Thursday, July 11, 2024.
The Ghana Medical Association (GMA) also announced a roadmap for industrial action to back the demand for the termination of the sale of sixty per cent of the shares of SNIT in four hotels.
Beginning Monday, 15 July to 17th July, it will withdraw Out-Patient Departments Services (OPD) and from 18th to 21st July, the Association will withdraw Emergency Services, withdrawing all services from 22nd July.
A statement signed by Dr. Frank Serebour, President and Dr. Richard Selormey, General Secretary of the Association, said the National Executive Council (NEC), following an emergency meeting on Friday urged all members to adhere to the roadmap stated above unless otherwise communicated by Council.
The hotels are Labadi Beach Hotel, La Palm Royal, Ridge Royal Hotel and Elimina Beach Hotel.