SSNIT Rules out Sale of Hotels, Commits to Revamping Assets

The Social Security and National Insurance Trust (SSNIT) has clarified that it has no intention of selling any of its current assets or facilities. Instead, the Trust is focused on revamping and optimising these properties to deliver better returns for contributors and stakeholders.

This clarification follows a 2024 proposal by the Member of Parliament for Abetifi and owner of Rock City Hotel, Dr. Bryan Acheampong, to acquire several SSNIT-owned hotels. These included Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.

The proposal drew widespread public criticism and led to a formal petition by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition called for investigations into alleged conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and corruption.

Speaking at the launch of SSNIT’s new branch on Spintex Road in Accra on Tuesday, May 20, Director-General of SSNIT, Kwesi Afreh Biney, confirmed that the Trust will retain its hotel assets and focus on transforming them into profitable ventures.

“Watch out for what we will do with the facilities that were to be sold. I can assure you that we will not sell those properties. Instead, we will turn them around and unveil our plans for them at an upcoming event,” he stated.

Mr. Biney further explained that SSNIT is undergoing a strategic review of its investment portfolio to identify underperforming assets and reposition them as viable income-generating ventures.

“It is crucial that we convert non-performing assets into performing ones. We have reviewed our investment portfolio, identified areas yielding the best returns, and are now channeling our resources accordingly,” he added.

This development signals a strategic shift in SSNIT’s investment approach, aimed at enhancing financial sustainability and restoring public trust.