A concerned citizen and a stalwart of the National Democratic Congress (NDC), Hamza Mohammed Sheriff, has joined fellow Ghanaians in demanding the immediate resignation of the board members of the Social Security and National Insurance Trust (SSNIT) and the National Pensions Regulatory Authority (NPRA).
The call for the ouster stems from allegations of incompetence and dereliction of duty, with protesters accusing the boards of causing economic disruption, neglecting pensioners, and engaging in illicit activities.
In a press statement issued on July 15, 2024, copied to The Herald, Hamza Mohammed Sheriff, noted that the NPRA, was established in 2008, to oversee the National Pension Scheme, and has faced criticism for its failure to ensure the prudent and transparent operation of pension schemes.
According to the statement, despite being tasked with licensing and supervising pension fund managers, custodians, and trustees, the NPRA, has reportedly fallen short, resulting in a significantly lower yield of around 5percent, compared to the promised 22percent.
It pointed out that this discrepancy, has sparked a public outcry for accountability and immediate action to address the systemic issues ailing the pension sector.
It further stated that, the actions of SSNIT and NPRA board members, have been condemned as a violation of Act 766 of the National Pension Act 2008, prompting outrage and calls for their prompt resignation.
The statement added that, the alleged misconduct, characterized by the perceived abuse of public office for personal gain, has been viewed as a blatant disregard for the well-being of pensioners and the broader populace.
It reiterates that, the public’s demand for the board members to step down, is seen as a crucial step towards restoring trust and integrity within the pension sector through a thorough and transparent investigation of their activities in office.
The statement noted that, the handling of the NPRA and SSNIT affairs by the current administration, has incited widespread outrage among Ghanaians, who feel disregarded and disrespected.
It said, the perceived impunity of favouring political cronies at the expense of national assets and the populace, has drawn comparisons to recent events in Kenya, fueling calls for increased accountability and transparency in governance.
It States that, amidst growing discontent, the Minister for Employment, Labour Relations, and Pensions, Ignatius Baffour Awuah, faced criticism for downplaying the issue in Parliament, perpetuating a sentiment of impunity among the ruling New Patriotic Party.
The statement also notes that the revelations at the NPRA and SSNIT, serve as stark reminders of the urgent need for leadership dedicated to probity, accountability, and social justice, as citizens call for a transformative change that upholds dignity and respect for all individuals, regardless of background.
The statement, concluded that the demands for accountability and a reformation of governance continue to echo louder among Ghanaians, urging a shift towards a system that fosters productivity, fairness, and sustainable economic growth for the collective benefit of all citizens.
The University Teachers Association of Ghana (UTAG) had in the heat of the SSNIT hotel saga, called for a complete overhaul of the SSNIT board chaired Elizabeth Ohene, and the immediate resignation of its top management team.
UTAG’s demand comes in the wake of a contentious deal involving the intended sale of SSNIT’s 60 per cent shares in four hotels to a private hotel owned by the Minister of Food and Agriculture, Bryan Acheampong.
The protest against the proposed sale, which was eventually terminated by SSNIT, highlighted flaws in the decision-making and accountability of the current board and management, according to UTAG.
The association argues that the leadership’s involvement in the widely-criticized deal indicates a disconnection from public opinion and a lack of understanding of responsible pension fund management.
In a statement issued on Saturday, July 13, 2024, signed by UTAG President, Prof. Mamudu Akudugu and General Secretary Prof. Eliasu Mumuni, the association emphasized the need for new leadership at SSNIT.
“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,” the statement read.
UTAG criticized the SSNIT Board and top management for exhibiting poor judgment and a lack of corporate governance expertise. The association contends that the initial decision to proceed with the transaction, despite widespread public outcry, demonstrates a disregard for the sentiments and welfare of the broader populace.
“This action has undermined confidence in the board and management’s capacity to manage our pension funds and assets prudently and transparently,” UTAG stated.
Backing the call by organized labour for a nationwide strike against SSNIT, UTAG announced its support for the action. It remains unclear whether the strike will proceed on Monday, July 15, following the termination of the controversial sale.
“In light of the declaration of a nationwide strike by Organized Labour on July 12, 2024, the University Teachers Association of Ghana (UTAG) unequivocally supports the action. Consequently, UTAG has begun the necessary steps to activate a nationwide strike as per the declaration by Organized Labour, strictly following the UTAG Constitutional provisions. This decision is not taken lightly but reflects our deep-seated concern over the current handling of SSNIT investment interests and its assets,” the statement concluded.
