Organized Labour is set to convene an emergency meeting today to strategize its response following the National Pensions Regulatory Authority’s (NPRA) approval to sell 60% of SSNIT’s shares in six hotels.
The NPRA had initially directed SSNIT to halt negotiations with Rock City concerning the sale of four hotels pending further assessment. However, Pensions Minister Ignatius Baffour Awuah clarified in Parliament that all necessary procedures have been followed.
“NPRA required comprehensive documentation on the hotel sale, which SSNIT has now provided. The regulator has reviewed and certified these processes, permitting SSNIT to proceed,” Minister Baffour Awuah informed Parliament.
Explaining the rationale behind SSNIT’s decision to sell its shares, he highlighted strategic considerations amidst unsuccessful restructuring attempts. The move aims to mitigate resource depletion and encourage private-sector involvement.
“SSNIT’s analysis supports selling 60% to 70% of its hotel shares as the optimal solution, addressing financial challenges where returns on investments vary,” the Minister elaborated.
The decision has sparked concern among labour unions, prompting today’s emergency meeting to determine their course of action. Labour leaders are expected to deliberate on potential responses to safeguard worker interests amidst the ongoing developments.
The sale of SSNIT’s hotel shares underscores broader debates on privatization. Ghana’s strategies and economic management reflect stakeholders’ divergent perspectives on fiscal policy and public asset management.
