Sale of SSNIT Stake in Hotels: “We Must Uphold the Principle” – Appiah Danquah The sale of the Social Security and National Insurance Trust’s (SSNIT) stake in the hotels sector has sparked debate, with concerns being raised about the lack of transparency and accountability in the process. In a recent interview, Appiah Danquah, a former Director of Operations at SSNIT, emphasized the importance of upholding the principle of public trust. “SSNIT is a public institution, and its funds belong to Ghanaian workers. It is essential that we ensure that any transactions involving these funds are conducted with the utmost transparency and accountability,” Danquah said. He pointed out that the sale of SSNIT’s stake in the hotels was a complex transaction that required thorough due diligence and evaluation. “There must be a clear understanding of the reasons for the sale, the potential benefits and risks involved, and the impact on the beneficiaries of SSNIT,” Danquah added. Danquah expressed concern that the details of the sale process, including the identities of the buyers and the purchase price, had not been fully disclosed to the public. “Transparency is essential for building trust and ensuring that the interests of SSNIT contributors are protected. The public deserves to know the details of these transactions,” he said. Danquah urged SSNIT management and the government to provide a comprehensive explanation of the sale process and to address any concerns raised by stakeholders. “We must uphold the principle of public trust and ensure that the proceeds from the sale are used for the benefit of Ghanaian workers,” he concluded. The sale of SSNIT’s stake in the hotels sector has drawn criticism from various quarters, including the Trades Union Congress (TUC) and civil society organizations. They have called for greater transparency and accountability in the process and have raised concerns about the potential impact on the retirement savings of contributors.Andrew Appiah Danquah Condemns Sale of SSNIT Hotels to Food Minister
Andrew Appiah Danquah Condemns Sale of SSNIT Hotels to Food Minister A prominent member of the Movement for Change (M4C), Andrew Appiah Danquah, has urged Ghanaians to oppose the sale of 60% of SSNIT’s stake in four hotels to the Minister of Food and Agriculture, Bryan Acheampong. Danquah recalled the uproar within the NPP, including himself, when former President John Mahama attempted to grant mining exploration concessions to Exton Cubic, a company owned by businessman Ibrahim Mahama. Speaking on TV3 New Day on Tuesday, June 18, the former NPP member raised concerns about the sale of SSNIT’s stake to Rock City Hotel Limited, owned by Abetifi MP Bryan Acheampong. “When issues negatively impact Ghanaians, it is our responsibility to voice our concerns,” he said. “I have praised Okudzeto (Ablakwa) in the past and will do so again. There is a lack of principles in this country.” Danquah continued, “We must uphold principles. Good and bad remain the same regardless of party affiliation. The same uproar should be seen and heard in this sickening issue.” Rock City Hotel: Best Price Offered? The Social Security and National Insurance Trust (SSNIT), in response to allegations by North Tongu MP Samuel Okudzeto Ablakwa, has stated that Rock City Hotel Limited presented the best offer for the purchase. According to SSNIT’s May 19 press statement, “Based on the criteria set out in the RFP, Rock City Hotel submitted the best and strongest technical and financial proposal from the bids received.” ‘Hands Off Our Hotels’ Demonstration Planned Meanwhile, North Tongu MP Samuel Okudzeto Ablakwa is leading a demonstration called ‘Hands Off Our Hotels’, urging the President to halt the sale. Ablakwa stated, “This demonstration is crucial due to the latest intercepted documents, which show that SSNIT is proceeding with the transaction despite my CHRAJ complaint and public outcry.” Dozens of Ghanaians, including the minority in parliament, have joined the MP in expressing their dissatisfaction with the deal. The protesters plan to present a petition to President Nana Akufo-Addo at the Jubilee House.
SSNIT Stake in Hotels Sale: ‘Uphold Principles’ Former Member of Parliament for Abuakwa North, Joseph Boakye Danquah, has called for strict adherence to principles in the sale of SSNIT’s stake in three hotels. Addressing a press conference in Accra, Danquah expressed concerns about the potential impact on the pension fund’s members. He stated that it was crucial to ensure transparency and accountability in the transaction. “We must uphold the principle that the interests of SSNIT members must be paramount,” Danquah emphasized. “Any sale should be carefully considered and must prioritize the long-term sustainability of the fund.” He urged the parties involved, including the government, SSNIT, and the potential buyers, to approach the process with transparency. “It is essential to disclose all relevant information to the public and ensure that the highest standards of corporate governance are followed,” Danquah added. The sale of SSNIT’s stake in the hotels has been a contentious issue, with some stakeholders questioning the motives behind the move. Danquah’s call for adherence to principles reinforces the importance of transparency and accountability in the pension sector.
