In a significant development, the Social Security and National Insurance Trust (SSNIT) has discontinued the sale of a 60% stake in four of its hotels. This decision comes after intense opposition from stakeholders, including the Trade Union Congress (TUC), which had threatened a strike to begin on July 15.
The four hotels in question are Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel. The sale had been met with fierce resistance from labour unions, who argued that it was not in the best interest of Ghanaian workers.
Initially, Rock City Hotel, owned by Food and Agriculture Minister Bryan Acheampong, had emerged as the buyer. However, the company later withdrew its bid, citing unforeseen circumstances.
The TUC and other labour unions had vehemently opposed the sale, citing concerns about job security, pension funds, and the potential exploitation of workers. In a statement, the TUC had emphasized the need for transparency and accountability in the management of SSNIT funds.
In response to the opposition, SSNIT has assured pensioners, contributors, and the public of its commitment to managing the affairs of the Trust prudently for the sustainability of the pension scheme.
This development marks a significant victory for labour unions and workers who had mobilized against the sale. As the situation unfolds, it remains to be seen what next steps SSNIT will take to address the concerns of stakeholders and ensure the long-term sustainability of the pension fund.
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