We Did Nothing Wrong In Hotels Sales – SSNIT Director General

Kofi Bosompem Osafo-Maafo, the Director-General of the Social Security and National Insurance Trust (SSNIT) has rejected calls for resignation of the company’s board members and management concerning recent brouhaha of 60 percent sale of its shares to Rock City.

Speaking in an interview with Bernard Avle on Citi Breakfast Show, Mr. Bosempem maintained a resolute stance, emphasizing his commitment to steering the organization through challenges towards sustained growth and accountability.

“My message is very straightforward, the management and board of the Trust will continue to manage the portfolio and assets to achieve the best long-term returns. Organised Labour will be aware that we have improved and we will continue to engage and improve.

“We listened to the objections from the stakeholders and we decided to terminate the process. If you remember, when we had the press conference, we said we would engage all the stakeholders and we have been doing that since then. The unions have also been vociferous and we listened to their demands and decided to terminate the process” he said.

The Director-General acknowledged recent criticisms and backlash from Organized Labour and the general public and acknowledged areas where improvements would be worked on.

“My team and I met with the unions and the Labour and Employment Minister and we had two engagements with the NPRA, so there has been continuous engagement and where we are now, we are all seeking the same objective, which is to improve the revenue of the hotels.

“We went into a negotiation process; it was the management and board of SSNIT that rejected the terms of payment. The terms of payment were the subject of the negotiation, and therefore we sought to continue the negotiation to reach a solution that was acceptable.”

He added, “During that process, the unions raised the same objection that they were not in favour of the terms of payment, and indeed, they extended that they were not in favour at all. We don’t think that we left it too late, there were businesses that we have had since 2010.This process started as far back as 2010, when the board invited in investors and then in 2017 and then in 2018 the board directed that we go in to find strategic investors and the process traveled through to 2022.”

Highlighting SSNIT’s achievements under his stewardship since assuming office, Osafo-Maafo underscored significant milestones in infrastructure development and financial management.

“Let me make another point that is worth stressing and that is what the board and management of SSNIT have achieved since I have been there since 2017 and I can speak to the track record and changes that have been put in place.

“When we look at the operational improvements that have been brought in, the efficiency of the SSNIT’s operation has been much better. If you look at the legacy issues and the magnitude of what we inherited, we have resolved them positively.

“The contracts that SSNIT went in to do real estate as far back as 2016 involved an investment of $185 million and we are in the process of disposing of approximately 20 percent of those real estate assets and we are continuing to do that. In cost-saving measures, the saving alone that we made on the Westhills Ridge project is $30 million.”

“I can go through other real estate investments that began a few years ago and we have just completed the largest affordable housing project in the country in Kumasi.We have also put in a set of investments that will outlive me to put the Trust in the best position,”