SSNIT’s deal with Rock City must be stopped – Former SSNIT boss
SSNIT’s deal with Rock City must be stopped
Former Director General of the Social Security and National Insurance Trust (SSNIT), Ernest Thompson, has called for the halt of the deal between Rock City Hotel and the social security organisation, citing a lack of due diligence in the process. Speaking on Joy FM’s Top Story on May 22, he expressed concerns that SSNIT rushed the process, failing to tick all the necessary boxes before making strategic decisions.
READ: NIA: Ghana Card Registration in Pusiga is Legal
As an investment firm, SSNIT must ensure careful analysis and consideration before exiting investments, especially long-term ones like the hotels. Thompson emphasized the importance of engaging key stakeholders, including the Trades Union Congress (TUC), in investment decisions. Despite TUC representatives on the SSNIT board, Thompson believes more comprehensive engagement is necessary for sensitive issues like this.
Thompson’s concerns stem from the 2018 initiation of the process without adequate stakeholder engagement. He advocates for a more practical and careful approach to handling such sensitive matters. With SSNIT being a pension fund and long-term investor, its investments require meticulous analysis, and exiting investments like the hotels demands thorough background work.
READ THIS : I’ll expose you if you dare me – Henry Quartey to Minority
Thompson’s call to halt the transaction highlights the need for a more rigorous process, ensuring that all necessary steps are taken before making significant decisions. His expertise and experience in the field lend weight to his concerns, emphasizing the importance of careful consideration and stakeholder engagement in investment decisions.
SSNIT’s role as a pension fund and long-term investor underscores the need for prudent decision-making. Its investments have a direct impact on the livelihoods of many Ghanaians, making it essential to prioritize transparency and accountability. Thompson’s warning serves as a reminder of the potential consequences of rushed decisions, emphasizing the importance of careful analysis and stakeholder engagement.
READ ALSO: Eugene Arhin Praises Akufo-Addo for Releasing KPMG Report on GRA/SML Deal
In addition, Thompson’s comments highlight the significance of institutional governance and accountability. As a public institution, SSNIT has a responsibility to uphold transparency and accountability in its decision-making processes. The lack of due diligence in this instance raises concerns about the organization’s commitment to these values.
Furthermore, the deal’s implications extend beyond SSNIT, affecting the broader economy and stakeholders. The hotel industry is a significant contributor to Ghana’s economy, and any decisions impacting this sector have far-reaching consequences. Thompson’s call for caution, therefore, resonates beyond SSNIT, emphasizing the need for careful consideration in investment decisions that impact the broader economy.
In conclusion, Ernest Thompson’s call to halt the deal between Rock City Hotel and SSNIT is a timely reminder of the importance of due diligence, transparency, and accountability in investment decisions. As a pension fund and long-term investor, SSNIT has a responsibility to prioritize careful analysis and stakeholder engagement, ensuring that its decisions benefit all parties involved. By doing so, SSNIT can uphold its commitment to transparency and accountability, contributing to a more stable and prosperous economy for all Ghanaians.
FOR MORE; CLICK Here
About The Author
Join Us On SOCIAL MEDIA | | Post Disclaimer
JOIN US ON FOR ALL NEWS>> TELEGRAM or WHATSAPP
FOR EDUCATION NEW ONLY: >> TELEGRAM or WHATSAPP
Send stories for publication to info@ghana24.org
Post Disclaimer
The information contained in this post is for general information purposes only. The information is provided by SSNIT’s deal with Rock City must be stopped – Former SSNIT boss and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.