The Board of Directors of the Social Security and National Insurance Trust must immediately halt the sale of four SSNIT-owned hotels to Food and Agriculture Minister Bryan Acheampong, a former Director-General of the state pensions fund, Mr Ernest Thompson, has said.

In his view, the wrong process is being used for the transaction.

Aleady, North Tongu MP Samuel Okudzeto Ablakwa has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to probe SSNIT's sale of its 60% stake in the four hotels to Dr. Acheampong, citing opacity, lack of due process and procurement breaches.

Mr Thompson, in a Joy News interview said the process being used for the transaction was flawed and must be stopped.

“I think that at this stage, it might be necessary for the SSNIT board to just stop this transaction,” he stated.  

He explained: “Because the procedure they used is not the best. SSNIT is a pension fund, and it is a long-term investor. It is not a bank holding deposit."

"So, SSNIT’s investments are analysed in serious places. You just don’t treat SSNIT’s investments that way,” he added.

SSNIT's hotels include Labadi Beach, La Palm Royal Beach Resort, Elmina Beach Hotel, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.