The Communications Director of the governing New Patriotic Party (NPP), Richard Ahiagbah, has raised concerns about the potential long-term implications of the cancellation of the strategic investment decision by the Social Security and National Insurance Trust (SSNIT), to divest a 60% stake in four hotels to a private investor.
SSNIT announced on July 12 that the planned sale to Rock City Hotel had been terminated. This was after the hotel owned by the Food and Agric Minister, Bryan Acheampong declared non-interest in the transaction citing the heightening stakeholder disapproval.
This decision came amidst threats of a nationwide strike from Organised Labour starting July 15.
In a social media post on X (formerly Twitter), Richard Ahiagbah acknowledged the significant influence of organised labour in the protest, expressing empathy towards the workers' concerns.
However, he warned against obstructing a lawful corporate decision, emphasising the risks to corporate governance, market trust, and overall stability.
Mr Ahiagbah stressed the importance of carefully weighing the repercussions of this move, expressing concern about its potential wide-ranging effects.
“The recent halt of SSNIT’s attempt to sell 60% of its shares in the five hotels is a testament to the power of organised labour and advocates. Their unwavering dedication to the sale has prevailed, sending a clear message.
"However, while this may seem like a victory worth celebrating, we must also consider the precedent we have set. Are we opening the door to future interference in public offerings based on political affiliations?
“This could harm corporate governance, market confidence, and overall certainty. Just as we are bound to respect a referee’s decision in a football game, we must also abide by the outcomes of democratic processes, even if they don’t align with our preferences.
“While I empathise with the workers’ concerns, we must also consider the implications of impeding a legitimate corporate decision. We must deeply reflect on the potential long-term consequences of this precedent.”
Credit: Mavis Sekyibea Addo