SSNIT Rules Out Sale of Hotels, Moves to Revamp and Optimise Assetsssnit
The Social Security and National Insurance Trust (SSNIT) has stated categorically that it will not proceed with the sale of any of its properties, including hotels that were previously under consideration for divestiture. The Trust says it is instead embarking on a comprehensive strategy to revamp and optimise these assets for improved returns to contributors.
This follows a controversial 2024 proposal by the Member of Parliament for Abetifi and owner of Rock City Hotel, Dr. Bryan Acheampong, to acquire several SSNIT-owned hotels. Among the listed properties were Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and Trust Lodge Hotel.
The proposed sale triggered strong public backlash and a petition from North Tongu MP, Samuel Okudzeto Ablakwa, to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition called for investigations into alleged conflict of interest, procurement breaches, cronyism, abuse of power, and corruption.
Speaking during the commissioning of SSNIT’s new branch office on Spintex Road in Accra on Tuesday, May 20, Director-General of SSNIT, Kwesi Afreh Biney, assured the public that the Trust will retain ownership of the hotels and focus on transforming them into profitable ventures.
“Watch out for what we will do with our facilities that were to be sold. I can assure you that we will not sell those facilities. We will turn them around and have an event to tell you what we plan to do with them,” Mr. Biney stated.
He further disclosed that the Trust has commenced a strategic review of its investment portfolio, aimed at identifying and converting underperforming assets into viable income-generating ventures.
“It is crucial that we help change those non-performing assets into performing assets. We have reviewed our investment portfolio, we have looked at the areas that are giving us the best returns, and we are beginning to channel our resources into areas that give us the best returns,” he noted.
The decision marks a significant shift in SSNIT’s investment strategy, as it seeks to enhance its financial sustainability, increase returns on investment, and restore public trust.
