The University Teachers Association of Ghana (UTAG) has called for a complete overhaul of the Social Security and National Insurance Trust (SSNIT) board 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.