It's questionable how SSNIT has decided to sell its 60% stake in hotels within its investment — Ablakwa

Questions are being raised about Social Security and National Insurance Trust's (SSNIT) decision to sell its controlling stake in several hotels.

MP for North Tongu, Samuel Okudzeto Ablakwa has filed a complaint with the Commission on Human Rights and Administrative Justice (CHRAJ), questioning how SSNIT arrived at its decision to divest 60% of its stake in the hotels within its investment portfolio.

In the petition, Ablakwa notes "It is questionable how SSNIT arrived at its decision to divest 60% of its stake in the hotels within its investment portfolio when some of these hotels are extremely profitable."

He cites the example of Labadi Beach Hotel, which presented an "impressive dividend of GHS25 million to SSNIT in 2023 for the 2022 fiscal year and GHS10 million to SSNIT in 2022 for the 2021 fiscal year."

The MP is seeking a full investigation by CHRAJ into SSNIT's conduct and procurement processes regarding the sale, to determine what led to the "numerous violations of due process and unfair treatment."

The lawmaker further expressed worrying concerns about SSNIT's ability to honour its obligations to members in the near future largely due to mismanagement allegations.