The Social Security and National Insurance Trust (SSNIT) has announced it will not proceed with the sale of its hotel assets, opting instead to refurbish and optimise them to deliver greater value to contributors and stakeholders.

This clarification follows a controversial 2024 proposal by Abetifi MP and owner of Rock City Hotel, Dr. Bryan Acheampong, to acquire several SSNIT-owned hotels. The offer included high-profile properties such as Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and Trust Lodge Hotel.

The proposal drew strong public criticism and prompted North Tongu MP Samuel Okudzeto Ablakwa to file a petition with the Commission on Human Rights and Administrative Justice (CHRAJ), calling for an investigation into potential conflict of interest, abuse of power, and procurement irregularities.

Speaking at the inauguration of SSNIT’s new branch on Spintex Road in Accra on Tuesday, 20 May, Director General Kwesi Afreh Biney said the Trust would retain ownership of its hotels and focus on turning them into profitable ventures.

“Watch out for what we will do with our facilities that were to be sold,” Mr Biney said. “I can assure you we will not sell those facilities. We will turn them around and share our plans for them in due course.”

He added that SSNIT is conducting a strategic review of its investment portfolio to identify underperforming assets and transform them into viable, income-generating properties.

“It is crucial that we help change those non-performing assets into performing assets,” he said. “We’ve reviewed our investment portfolio, identified the areas yielding the best returns, and are now channelling our resources accordingly.”

The announcement marks a significant shift in SSNIT’s investment strategy, aimed at strengthening the Trust’s long-term financial health and rebuilding public trust.

Source:TheDotNews