ernest thompson

Ernest Thompson, Board Chairman of SSNIT

The Merchant Bank saga, like devious ghosts, will haunt all who have nurtured it and continued to shamelessly defend it to the hilt, even as efforts to keep it afloat have failed woefully.

One day, students and scholars of corporate management and political science will have the opportunity to question why such an absurdity could even be entertained in the first place.

Signs of how the lingering financial anomaly would remain an integral part of our negative history can be found in how it has defied expensive propaganda to douse the heat it has generated in the court of public opinion and the quantum of money that would be lost to Ghanaian workers.

As a subject of national conversation, it stands as the ruling government?s Achilles? heel which its apologists are failing to take note of anyway. Unfortunately, those defending it because of the monetary gains they seek to pluck in the short term, know in their heart of hearts the long term effects of the smelly transaction.

The Social Security and National Insurance Trust (SSNIT) for its obnoxious facilitation will go down in Ghana?s corporate history as the public institution with the worst record in the management of workers? contributions. Even as the fight continues to protect goodness by various strands of Ghanaians, it is disheartening that SSNIT and others cited in the smelly transaction continue to advance arguments which are not only incommensurate with wisdom but an outright rip-off of Ghanaian workers, one unsurpassed in local corporate history.

That mismanaged SSNIT funds can have far-reaching effects on the value of the country?s currency is a fact we do not have to belabour.

The all-time depreciation of the cedi in recent times can be attributed partly to the SSNIT saga among other factors already of public knowledge. We ignore the Merchant Bank debacle against the backdrop of SSNIT?s role to our financial detriment in an already challenged economy.

It certainly would be in the interest of a few Ghanaians to have the deal sealed as evidenced from their hopping from one platform to the other defending the transaction. It is regrettable that those who have continued to champion the cause of the Ghanaian workers and to ensure that the country is not short-changed through a wobbling financial arrangement, have come under an assortment of vitriolic descriptions.

We are constrained to point out that those who have been handed the mantle of leadership are nowhere near a satisfactory and malfeasance-free performance.

If exercising our rights of free expression about governance, as enshrined in our democratic constitution, should be misconstrued as irresponsibility and cynicism, so be it.

In as much as state resources are not managed in conformity with best practices, we would not relent in our sentinel roles, notwithstanding insults from depraved politicians at the throttle of state. One of the country?s dark chapters in corporate governance is indeed being authored.


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