The Executive Director of the Africa Center for Retirement Research, Mashud Abdallah, says there are significant gaps in the Social Security law and Legislative Instrument (LI).

He asserts that these loopholes are exploited by selfish individuals, jeopardizing the financial security of the Ghanaian people.

Organized labour has been up in arms against the Social Security and National Insurance Trust (SSNIT) over its attempt to sell a 60% stake in four hotels to a private firm owned by Ghana's Minister for Food and Agriculture.

• Read also: Nationwide strike looms despite SSNIT halting hotel sale

After threatening a massive industrial action that was expected to shut down public services nationwide, Rock City Hotel withdrew its bid for the hotels forcing SSNIT to also terminate the transaction.

Despite this, some of the unions under organized labor have called for the overhauling of the SSNIT board as well as the top management to ensure that the Trust works in the interests of workers and pensioners.

Speaking on the JoyNews AM show, Mr. Abdallah said, "If you look at all that has happened, we should not have gotten here because clearly TUC and organized labor have made it very clear; it said the sale of the hotels is not in the best interest of the Ghanaian worker, and I agree. I do not know the basis on how they arrived at that conclusion, but from a technical point of view, from a research point of view, from best practices, if you look at best practices around the world, we should not have gotten here, to begin with.”

The Executive Director of the Africa Center for Retirement Research stated that some individuals are politicizing the country's financial security.

“Now, the question we are asking ourselves is: Where do the members of the organized labor belong? Because if you are telling me that they have cleared it, it means they were not in support. Initially, they indicated that they would have to halt the sale, but on the other hand, they say they have cleared them. We need to answer the question of where things stand.”