The Social Security and National Insurance Trust (SSNIT) has auctioned off some property belonging to the financially distressed Ghana Railways Company (GRC) to defray the GH¢12.8 million debt that the company owes the trust.The sum had accumulated as a result of the non-payment of social security contributions by employees of the GRC, interest on the debt and costs awarded in favour of SSNIT.As of Wednesday, February 6, 2013, the Railways Transit Quarters in Takoradi, which boasts many rooms, a large hall and kitchen for GRC staff, had been sold to a local oil service provider.Additionally, a three-bedroom house at the same location on the beach road was sold.By Thursday, the occupants of the quarters had been asked to vacate the premises to enable the new owner to take over. A bulldozer was ready to pull down the structure so that the new owner could begin to redevelop the site.Some onlookers could not believe that the GRC, which was once the backbone of Ghana's economy, has forced its creditors to auction the company's property after it was unable to pay its bills.SSNIT Area Prosecutor John Oduro-Tanoh said that the issue has been dragging for some time and that SSNIT had obtained a court order to sell the transit quarters, railways training facility located at Essikado, and other properties at Tarkwa.He also said there had been an intervention but that after various negotiations, SSNIT was asked to sell the properties, which are located on the Beach Road in Takoradi.Mr Oduro-Tanoh further explained that even though the GRC did not pay the contributions of now-retired employees, SSNIT cannot turn these retirees away."We have a contract with all employees of all defaulting companies and we have to pay their benefits when they retire. Therefore, we have to take steps to retrieve the monies through legal and distress means," he said.He indicated that it was important for contributions to be invested to generate returns for SSNIT, enabling it to pay retirement benefits to workers who have served the country well.The area prosecutor also said apart from the GRC, there are many other companies that have not paid their employees’ contributions.He said that SSNIT, through court actions, had obtained orders to sell the property of some defaulting companies to ensure the trust’s survival.