SSNIT terminates plan to divest 60% stake in hotels

The Social Security and National Insurance Trust (SSNIT) has announced the termination of its plan to divest 60% of its stake in its hotel investments.

The decision, communicated through a media release dated July 12 and signed by SSNIT’s Board Chairperson Ms Elizabeth Ohene, comes just ahead of a planned nationwide industrial action by organized labour, set to begin on Monday, July 15.

In the statement, Ms Ohene reassured pensioners, contributors, and the public of SSNIT’s ongoing commitment to prudent management practices. “We wish to assure pensioners, contributors, and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme,” she said.

The decision to halt the divestment process is seen as a strategic move to maintain stability and confidence in the Trust’s management during a potentially turbulent period marked by the impending industrial action. This nationwide strike underscores the heightened tension and concerns among labor groups, further emphasizing the importance of stability in managing public funds and assets.

SSNIT’s action to retain its stake in the hotels reflects its dedication to ensuring the long-term sustainability of the pension scheme, which is crucial for the financial security of its members. This move is expected to bolster confidence among SSNIT’s contributors and beneficiaries, reinforcing the Trust’s role in safeguarding their future amid the evolving economic landscape.