The Social Security and National Insurance Trust (SSNIT) has halted plans to divest 60% of its stake in four hotels owned by the Trust.
The hotels are La Palm Beach Hotel, the Labadi Beach Hotel, the Royal Ridge Hotel and Elmina Beach Hotel.
The move comes barely 24 hours after labour unions declared their intention to embark on 15 July on a nationwide strike over the sale of the hotels to the Rock City hotel group, owned by the Minister of Food and Agriculture, Bryan Acheampong.
Rock City has since withdrawn its bid to acquire the stake in the four hotels owned by SSNIT.
In a statement on Friday (12 July), SSNIT said it is committed to managing the affairs of the Trust prudently for the sustainability of Ghana’s public sector pension scheme.
“The board and management of Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.
“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,” the statement said.
Below is the full statement:
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