The Trades Union Congress (TUC) has advocated for a majority of representation on the Social Security and National Insurance Trust (SSNIT) Board to exert influence over crucial decisions regarding the investment of pension funds.
Dr. Kwabena Nyarko-Otoo, the TUC’s Director of Research and Policy, emphasized the need for a more substantial presence on the board, expressing concern that the current four-member representation may lead to being outnumbered on pivotal issues.
Dr. Nyarko-Otoo conveyed this concern during an interview with Evans Mensah on Joy News’ PM Express, highlighting it as a significant request presented to President Akufo-Addo for consideration.
He emphasized that with increased representation, the TUC would have had a stronger voice against SSNIT’s decision to sell its 60% stake in four hotels to Abetifi MP Bryan Acheampong.
Addressing criticism faced by the Union for its perceived inability to block the Trust’s decision, Dr. Nyarko-Otoo defended the TUC’s efforts, citing ongoing engagement with the President since 2017 on various issues related to SSNIT.
Moreover, he underscored the importance of granting the board the authority to appoint the Director-General of SSNIT, rather than the President.
However, Dr. Nyarko-Otoo acknowledged that such demands require time to materialize, considering the multiple interest groups making requests.
He also expressed dissatisfaction with the requirement for board members to swear an oath of secrecy, hindering transparency.
SSNIT recently announced its decision to sell a 60% stake in four hotels to Rock City Hotel, owned by Bryan Acheampong.
The Trust clarified that the selection process adhered strictly to the Public Procurement Act and emphasized transparency in the decision-making process.
The partnership aims to raise capital for further investments and enhance hotel management, according to SSNIT.
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