In order to ensure responsible management of pension funds and the restoration of public confidence, the University Teachers Association of Ghana (UTAG) is calling for a complete overhaul of the Social Security and National Insurance Trust (SSNIT) board and the immediate resignation of the top management team. The group cites the need for new leadership and a reset of priorities.

The request follows a protracted demonstration against the planned transfer of SSNIT’s 60% ownership stake in four hotels to a private establishment controlled by Ghana’s Minister of Agriculture and Food.

UTAG believes that the current board and management’s involvement in the highly criticized and contentious deal has exposed a significant failure in their (SSNIT) decision-making and accountability, demonstrating a clear disconnect from public opinion and a lack of understanding of the collective wisdom, even though the protest ultimately resulted in SSNIT terminating the deal.

“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 and restore public trust and ensure that such actions are not repeated in the future,” stated UTAG in a statement released on Saturday, July 13, 2024, and signed by General Secretary Prof. Eliasu Mumuni and President Prof. Mamudu Akudugu.

Furthermore, according to UTAG, the SSNIT Board and top management have demonstrated terrible judgment and a severe lack of knowledge about corporate governance, making it impossible for them to continue in office.

“They showed a lack of consideration for the feelings and well-being of the general people when they decided to move forward with this deal in the face of strong public criticism. The board and management’s ability to responsibly and openly handle our pension money and assets has been called into question as a result of this move.”

Additionally, UTAG supported organized labor’s call for a nationwide walkout against SSNIT. With the sale of SSNIT hotels to a minister of state ending, it is uncertain if the strike will take place on Monday, July 15 or not.

“With Organized Labor announcing a statewide strike for July 12, 2024, the University Teachers Association of Ghana (UTAG) fully endorses the action.
As a result, UTAG has rigorously adhered to the UTAG Constitutional requirements and started the required procedures to initiate a statewide strike in accordance with the statement made by Organized Labour. This decision, which we have not made lightly, is a reflection of our profound concern with the way that SSNIT’s assets and investment interests are now being handled.