Youth Alliance and Action for Change condemns proposed sale of SSNIT hotels to Bryan Acheampong

The Youth Alliance and Action for Change (YAAC) has condemned the proposed sale of hotels belonging to the Social Security and National Insurance Trust (SSNIT) to Bryan Acheampong, the current Minister of Food and Agriculture.

In a press release dated May 28, 2024, the YAAC expressed deep concerns about the transaction, citing serious issues of conflict of interest, lack of transparency, and non-adherence to due processes.

”This decision, troubled by numerous allegations of conflict of interest, lack of transparency, and breaches of due process, represents a grave misstep in the stewardship of our nation's pension funds,” the press release read.

In the press release, the convener of YAAC, Dr. Eunice Yorgri, emphasized the troubling nature of a sitting cabinet minister's involvement in acquiring significant national assets and raised red flags about potential abuse of power and ethical breaches.

“The sale process lacks the necessary transparency and has not adequately addressed the substantial ethical questions surrounding it,” it stated.

It further noted that the sale of the SSNIT Hotels contravenes the investment guidelines stipulated under Act 766 which are designed to safeguard the management of pension funds, ensuring they are handled with utmost integrity to protect the interests of contributors.

The YAAC argued that “the current approach undermines these principles and jeopardizes the financial security of thousands of pensioners.”

YAAC, therefore, called for an immediate halt to the sale process and demanded a comprehensive investigation by the Commission on Human Rights and Administrative Justice (CHRAJ) into the alleged procurement breaches.

"It is imperative that any transaction involving public assets is conducted with the highest standards of integrity and transparency," it stated.

The YAAC threw its weight behind the Trades Union Congress (TUC) and other labor groups who have also voiced strong opposition to the sale saying that “the potential mismanagement of pension funds is unacceptable, and we support their call for strikes and legal action if necessary.”

The YAAC concluded with a call on the government to prioritize transparency and ethical governance in all its dealings.

“The sale of SSNIT Hotels to a political figure not only undermines public trust but also sets a dangerous precedent for the management of national assets,” it cautioned.