The Social Security and National Insurance Trust (SSNIT) has announced that it will no longer proceed with plans to sell any of its assets, including a number of high-profile hotels.
Instead, the Trust says it is now focused on revitalising these properties to generate greater value for contributors and stakeholders.
Speaking at the inauguration of a new SSNIT branch on Spintex Road in Accra on Tuesday, May 20, Director General Kwesi Afreh Biney affirmed the Trust’s renewed strategy, promising a complete turnaround of the properties that were previously earmarked for sale.
“Watch out for what we will do with our facilities that were to be sold,” Mr. Biney said. “I can assure 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.”
The announcement follows public controversy over a 2024 proposal submitted by Dr. Bryan Acheampong, Member of Parliament for Abetifi and owner of Rock City Hotel, 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 proposed transaction drew sharp criticism and led North Tongu MP Samuel Okudzeto Ablakwa to petition the Commission on Human Rights and Administrative Justice (CHRAJ), citing concerns about conflict of interest, abuse of power, cronyism, and procurement violations.
In response to the fallout, Mr. Biney revealed that SSNIT is conducting a comprehensive strategic review of its investment portfolio to identify and revive underperforming assets.
“It is crucial that we help change those non-performing assets into performing assets,” he explained. “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 stressed that the goal is to ensure the long-term sustainability of SSNIT’s investments while delivering improved value for pensioners and contributors.
