We aim to increase efficiency, profitability — SSNIT on plan to divest 60% shares in hotels to investors

Management of the Social Security and National Insurance Trust (SSNIT) has defended its decision to divest 60% of its shares in six hotels.

In a response to allegations of lack of due process and conflict of interest raised in a petition by MP Samuel Okudzeto Ablakwa, SSNIT said the "primary objective" of partnering with strategic investors is "to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme."

The Trust said it went through proper competitive tendering processes to select investors, as required by law.

"The primary objective of finding a strategic investor is to increase efficiency, profitability, shareholder value, and the long-term sustainability of the SSNIT Pension Scheme," SSNIT said in a statement dated May 19.

Ablakwa's petition to the Commission on Human Rights and Administrative Justice (CHRAJ) had alleged lack of transparency and fairness in SSNIT's decision to sell a 60% stake in six hotels to private investor Rock City Hotel, whose sole owner is reportedly Minister Bryan Acheampong.

However, SSNIT says the process of getting an investor is still in the final stages and not yet concluded contrary to Mr. Ablakwa’s claim.