The University Teachers Association of Ghana (UTAG) is calling for a complete overhaul of the Social Security and National Insurance Trust (SSNIT) board, and the immediate stepping down of the top management team, citing a need for fresh leadership and a reset of priorities to ensure responsible management of pension funds and a restoration of public confidence.
The call comes after a sustained protest against the intended sale of SSNIT’s 60 per cent shares in four hotels to a private hotel owned by Ghana’s Minister of Food and Agriculture.
Although the protest eventually led to the termination of the deal by SSNIT, UTAG believes the current board and management’s participation in the widely-criticised and contentious deal has exposed a significant failure in their (SSNIT) decision-making and accountability, demonstrating a clear disconnect from public opinion and a lack of understanding of the collective wisdom.
In a statement issued on Saturday, July 13, 2024, signed by the UTAG President Prof Mamudu Akudugu and General Secretary Prof Eliasu Mumuni, UTAG said, “Those in positions of power within SSNIT must step down to allow new people with a better appreciation of the enormity of the responsibility of managing pension funds to take over and restore public trust and ensure that such actions are not repeated in the future.”
UTAG also asserts that the SSNIT Board and top management have exhibited egregious judgment and a profound lack of corporate governance expertise, thereby rendering their continued tenure untenable.
“Their initial decision to proceed with this transaction, despite widespread public outcry, indicates a disregard for the sentiments and welfare of the broader populace. This action has undermined confidence in the board and management’s capacity to manage our pension funds and assets prudently and transparently.”
UTAG also backed the call by organised labour for a nationwide strike action against SSNIT. It is unclear whether the strike will go ahead from Monday, July 15 or not, following the termination of the sale of SSNIT hotels to a minister of state.
“In light of the declaration of a nationwide strike by Organized Labour on 12th July 2024, the University Teachers Association of Ghana (UTAG) unequivocally supports the action.
Consequently, UTAG has begun the necessary steps to activate a nationwide strike as per the declaration by Organized Labour, strictly following the UTAG Constitutional provisions. This decision is not taken lightly but reflects our deep-seated concern over the current handling of SSNIT investment interests and its assets.”