The University Teachers Association of Ghana (UTAG) is demanding a complete overhaul of the Social Security and National Insurance Trust (SSNIT) board and the immediate resignation of the top management team. UTAG cites the need for fresh leadership and a reset of priorities to ensure responsible management of pension funds and to restore public confidence.
This demand follows sustained protests against the proposed sale of SSNIT’s 60 percent shares in four hotels to a private hotel owned by Ghana’s Minister of Food and Agriculture. Although the protests eventually led to the termination of the deal by SSNIT, UTAG argues that the current board and management’s involvement in the controversial deal highlights significant failures in decision-making and accountability. They believe it demonstrates a clear disconnect from public opinion and a lack of understanding of collective wisdom.
In a statement issued on Saturday, July 13, 2024, signed by UTAG President Prof. Mamudu Akudugu and General Secretary Prof. Eliasu Mumuni, UTAG stated, “Those in positions of power within SSNIT must step down to allow new people with a better appreciation of the enormity of the responsibility of managing pension funds to take over, restore public trust, and ensure that such actions are not repeated in the future.”
UTAG also asserts that the SSNIT Board and top management have shown egregious judgment and a profound lack of corporate governance expertise, making their continued tenure untenable.
“Their initial decision to proceed with this transaction, despite widespread public outcry, indicates a disregard for the sentiments and welfare of the broader populace. This action has undermined confidence in the board and management’s capacity to manage our pension funds and assets prudently and transparently.”
UTAG also supports the call by organized labor for a nationwide strike against SSNIT. It is unclear whether the strike will proceed on Monday, July 15, following the termination of the sale of SSNIT hotels to a minister of state.
“In light of the declaration of a nationwide strike by Organized Labour on July 12, 2024, the University Teachers Association of Ghana (UTAG) unequivocally supports the action. Consequently, UTAG has begun the necessary steps to activate a nationwide strike as per the declaration by Organized Labour, strictly following the UTAG Constitutional provisions. This decision is not taken lightly but reflects our deep-seated concern over the current handling of SSNIT investment interests and its assets.”