Attempts by SSNIT to sell ailing hotels was a lazy approach – TUC

Dr. Kwabena Nyarko Otoo, Director of Policy and Research at the Trades Union Congress (TUC) has criticised attempts by the Social Security and National Insurance Trust (SSNIT) to sell off its 60% shares in four hotels to Rock City.

During an interview with Bernard Avle on The Point of View on Channel One TV, Dr Otoo described SSNIT’s approach as “lazy” and questioned why Kempinski and other prestigious hotels are thriving while La Palm Royal Beach Hotel is struggling.

Dr. Otoo suggested that SSNIT investigate the circumstances leading to the struggles of the four hotels and advocated for prudent management of pension funds.

He emphasised that the hotels should not be sold and that the right measures should be put in place to ensure their viability.

“We do not expect SSNIT to go back in any attempt to sell the four hotels to Rock City Hotel or any other investor. The process was a problem to us, the fact that it was been bought by a minister of state. We thought that it could be legal, but we thought that it was not morally right. Those in government should not be the ones buying our assets.

“But if we all agree that those investments were not doing well, I think the proper thing to do is to investigate why they are not doing well. We know that Kempinski, and other hotels, big hotels and small medium-sized hotels are doing well.

Organised Labour declared its intention to strike on Monday, July 15, 2024, but called off the strike after the Social Security and National Insurance Trust (SSNIT) terminated the process of selling its 60% stakes in four hotels.

This followed the announcement by Bryan Acheampong, owner of Rock City Hotel and Agriculture Minister, that he no longer intended to purchase the hotels.

Instead, Organised Labour directed its members to resume work and demanded proper engagement with the government, threatening to take further action if their demands are not met.