The Trade Union Congress (TUC) has expressed strong concerns over the management of Social Security and National Insurance Trust (SSNIT)’s investment portfolios. Apexnewsgh reports
According to the TUC, SSNIT has failed to address concerns raised by the International Labour Organization (ILO) regarding the management of its investment portfolios, leading to a lack of transparency and potential mismanagement of funds.
Dr. Kwabena Nyarko Otoo, Director of Research at TUC, highlighted the issue during a discussion on organized labour’s decision to call off a nationwide strike.
The strike was intended to pressure SSNIT to halt the sale of its 60 percent shares in six hotel portfolios across the country. Dr. Otoo noted that despite discussions with the ILO to consolidate SSNIT pension payments, this has not been implemented since 2014.
The TUC is concerned about the opaque nature of SSNIT’s pension investments and the potential depletion of Ghana’s pension fund within ten years, as predicted by the ILO. Dr. Otoo criticized the disparity in pension payments, where some contributors receive lower pensions while others, who do not contribute, receive higher pensions.
He called for this issue to be rectified and questioned why SSNIT is intent on selling its hotel shares when smaller hotels in the country are profitable.
Dr. Otoo warned that TUC would resist any attempts to run down these hotels for diversification purposes and demanded that SSNIT’s management address these issues. If not, TUC would call for the dissolution of its management and board. These remarks were made on Accra-based Citi FM on Monday, July 15, 2024.
Source: Apexnewsgh.com
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