General News of Tuesday, 13 March 2012
Ladies and Gentlemen of the Press, Good morning, and welcome to another session of
interaction with the Alliance for Accountable Governance (AFAG). It is our hope that, AFAG will
earn the full complement of the press to stand by Ghanaian workers in order to prosecute to
the logical conclusion, the issues we are going to raise.
We are here today to call for a parliamentary enquiry into the sale of SSNIT’s 61.14% shares in
The Trust Bank (TTB) to Ecobank Transnational (ETI). We are calling also for the dissolution of
the SSNIT board of trustees, resignation of the SSNIT MD, and the immediate removal of the 4
organized labor (workers) representatives (Mr. Kofi Asamoah, Mr. Robertson Allotey, Mr. Dian
Okine, Mr. Amo Dako) from the SSNIT board of Trustees.
Ladies and gentlemen, we are making this call because; these men have betrayed Ghanaian
workers. It is sad to note that, over the years, Ghanaian workers have had to retire on very low
benefits after contributing actively to SSNIT during all their working lives. Currently there are
about 850, 000 contributors and 92,000 pensioners, yet pensioners can’t boast of comfortable
pensions. Workers only retire after a dedicated service to God and country to be poor, lonely
and a burden on society. Bad decisions on the part of the board of trustees inevitably lead to
poor investments, and eventually a worthless pension benefit.
Ladies and gentlemen, AFAG will like to inform you that, the sale of SSNIT shares in TTB has
resulted in the loss of 179 million Ghana Cedis to workers investment. Why should the future
of workers be placed at such a risk, in order to satisfy the selfish interest of some few persons?
Following, is AFAG’s justification of why the sale of SSNIT shares in TTB was unnecessary but a
calculated attempt by some corrupt minded, and irresponsible persons, to rob workers of their
livelihood at pension.
Ladies and gentlemen;
? Was there a need for the sale of SSNIT shares in TTB?
There was no need for the sale.TTB was performing well.
? Though the Bank of Ghana requires a minimum of 60 million Ghana cedis as
capitalization for local banks in Ghana, TTB’s capitalization is 125 million Ghana
cedis. This means, it is capable of operating 2 more local banks
? TTB was near merging with Home Finance Company(HFC) but this was stopped by
the SSNIT board of trustees who were un-comfortable for such expansion
The Alliance for Accountable Governance (AFAG)
Email: firstname.lastname@example.org? TTB’s end on year profit in 2010 was 50% over 2009. Net profit in 2010 was 12
million Ghana cedis
? TTB board set a target of 19 million cedis profit in 2011. However, 2011 profit was
23 million Ghana cedis
? Did SSNIT have a share in TTB?
? Yes! SSNIT had controlling shares of 61.14% that earned them 35% of net profit
from TTB annually.
? Did SSNIT value workers shares in TTB before sale?
? Yes! this was done by two companies: Price water house coopers an
(International chartered accountancy firm) and Strategic African
Securities(SAS) owned by Mr. James Akpor a board member at the Bank of
? What was the value per share after valuation?
? Price water house coopers valued each share at 14 Ghana cedis per share
? Did any bank express interest to buy SSNIT shares at this price?
? Yes! Swiss Investment Bank and the Rand Bank of South Africa expressed
interest to buy the shares
? Did the SSNIT board of trustees prefer these banks?
? No! They preferred the Nigerian holding; Ecobank Transnational Incoporated
(ETI) for reasons best known to the board of trustees.
? Did the board of trustees sell the shares to ETI at GHC 14.00 per share?
? No! The board of trustees preferred to sell it to ETI at a lower share price. In
this regard, they only used the price water house coopers valuation of 14
Ghana cedis per share in 2010 as bait for their underground negotiations.
? How much did they sell it to ETI then?
? They sold it for 12 Ghana cedis per share, disregarding totally the expression of
interest by the Swiss Investment Bank, and the Rand Bank of South Africa
? Which Agency was made to re-value the shares for a lesser price?
? Obviously the International agency price water house coopers valuation was a
set-up to trade in. The company that did the re-valuation exercise was
Strategic African Securities owned by Mr. James Akpor (known in public life as
Togbe Afede). He is also a member of the board of the Bank of Ghana. With his
executive power under a questionable authority and acting on a conflict of
interest, he dissolved the board of TTB on the 24
of December 2011. His firm
the Strategic African Securities (SAS) devalued the shares price from 14 Ghana
cedis to 12 Ghana cedis per share. He is however not a board member of TTB.
? Was there any loss in this devaluation exercise by Mr. James Akpor’s SAS?? This devaluation has resulted in the loss of 70 million US dollars equivalent to
112, 000, 000 Ghana cedis using an exchange rate of 1.6 as at December 2011
? Is that all the financial loss on workers hard earned investment?
? NO!!!!! Though proceedings were under way to sell SSNIT shares in TTB by
hook or crook, the Board of trustees injected an amount of 67 million Ghana
cedis(670 billion old Ghana cedis) between June to October 2010 after the
devaluation exercise into TTB’s operations for no reason, since TTB was
already doing very well. This payment was nothing than a back door
? How much has been pocketed by the financial engineers of this scandal?
? A total of 179 million Ghana cedis. This is more than the overall amount
involved in the Alfred Woyomi and CP judgement debt payment saga (90
million + 85 million=175 million Ghana cedis)
? The effect of the sale from January 2012:
? Management who were wooed by the SSNIT board of trustees with lucrative
ESBs(End of Service Benefits) in order to co-operate over the TTB sale to ETI,
has been dissolved, however their ESB payments is in Limbo as Ecobank has
ruled out any such payments.
? Over 200 workers will be sacked very soon
? In the 1
quarter of this year, now ECOBANKs TTB; is heading up for a loss as
nothing is working.
? Small & Medium scale Enterprises (SMEs) are in danger, as TTB (their mother
milk) whose specialty is to grow SMEs can’t operate with such core-value after
its acquisition by system operating ECOBANK.
? Mr. James Akpor has been given the management of SSNITs ultra modern
structure “World Trade Center” near the British council Accra. His SAS is
comfortably occupying the last floor of that building with the right to lease the
other multiple offices to any other agency.
? Was the sale opposed?
? Several groups opposed it including local contractors. Our intelligent report
also shows that, the committee set up under the vice-president of the republic
of Ghana to look into the TTB sale dis-recommended the sale of TTB. According
to City & Bussiness Guide news of November 10, 2011, despite the instruction
by the finance minister for a suspension of the sale, the Bank Of Ghana went
ahead to set up a committee to continue working on the TTB shares
acquisition.Ladies and gentlemen, it is obvious that, the force behind the sale was stronger than the
powers of the minister of finance and the vice-president combined. Interestingly, the chairman
of the board of trustees (Mr. Kwame Preprah) was once a minister of finance under whom; the
current Governor of the BOG served as deputy finance minister. The board of trustees
supervised by Mr. Kwame Preprah cannot be spared off the anger and frustration of workers. In
this regard, AFAG is calling on all workers to join us at our “Gargantuan” forum starting on
March, in Koforidua. We shall collect signatures from workers and the general
public in support of AFAG’s quest at bringing sufficient pressure to bear on the legislature, to
initiate a parliamentary enquiry into the sale of SSNIT shares in TTB; reverse the sale, and
indentify all those corrupt men behind the sale for prosecution without fear or favor.
Workers must rise against such oppressors who are self seeking at the expense of their
livelihood. We are challenging the TUC to invite AFAG for a debate (in the presence of
workers) over the sale of SSNIT shares in TTB, failure to do so in 72 hours, we shall call for the
resignation of the TUC secretary general.
Workers must however note that, AFAG foresees a miserable pension benefit in future for
retirees. This is because the current SSNIT board of trustees aims aggressively to sell off all their
investments. Currently your SSNIT shares in First Atlantic Bank has been sold, Trust Hospital
has been de-coupled and yet to be sold, your investment in Merchant Bank and the SSNIT
Guest House is on the market “Again” to be sold, and unfortunately for the informal sector,
your scheme has since last month been sold to NTHC, a company blacklisted by the 2007
Auditor General’s report as unfit to manage public funds.
Ghanaian workers (formal and informal) future is in danger. Let all support this course for a
brighter future for ourselves, parents and posterity.
God bless us all and thank you very much for your audience.
Dr.Nana Ayew Afriye……………………………………………0244780359
Hon. James Apeatu…………………………………………………0244375034