“That is not fair” – Osafo-Maafo replies UTAG over call to dissolve board and management

The Director-General of the Social Security and National Insurance Trust (SSNIT), Kofi Bosompem Osafo-Maafo, has responded to the University Teachers Association of Ghana’s (UTAG) demand for an overhaul of SSNIT’s board and the resignation of its top management.

In a recent interview on Citi FM, Osafo-Maafo defended the current leadership, stating that the board and management have implemented investment policies that have significantly improved SSNIT’s performance.

“If you look at the operations of SSNIT, significant changes have taken place,” he said, emphasizing that the improvements in portfolio management were necessary to address under-performing assets.

He criticized UTAG’s stance, stating, “Our attempts to improve the portfolio, and because of that, the university teachers think that is the wrong procedure. I think that is not fair enough.”

The controversy centers on a halted deal involving the sale of SSNIT’s 60 percent stake in four hotels, which UTAG claims demonstrates poor decision-making by the current leadership. The proposed sale, terminated last Friday, was seen by UTAG as a sign of the board and management’s disconnection from responsible pension fund management.

Osafo-Maafo, however, highlighted the achievements of the current board since 2017, including operational improvements and resolving legacy issues.

He stressed the importance of engaging all stakeholders, acknowledging, “We just have differences in opinion and how we arrive there… I don’t think it is ever possible that everyone will have the same solution in mind for a problem.”