The Social Security and National Insurance Trust (SSNIT) has announced that it will no longer proceed with the sale of any of its assets, including its portfolio of hotels.

Instead, the Trust is shifting focus toward revitalising and optimising these properties to improve returns for contributors and enhance long-term financial sustainability.

This clarification comes amid ongoing public controversy surrounding a 2024 proposal by Dr. Bryan Acheampong, Member of Parliament for Abetifi and owner of Rock City Hotel, to acquire several SSNIT-owned hospitality facilities.

The hotels in question included Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and Trust Lodge Hotel.

The proposal triggered significant public criticism and led to a formal petition by North Tongu MP, Samuel Okudzeto Ablakwa, to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition called for investigations into possible conflict of interest, procurement irregularities, cronyism, and abuse of power.

Addressing the matter at the inauguration of SSNIT’s new branch on Spintex Road in Accra on Tuesday, May 20, SSNIT Director General Kwesi Afreh Biney announced a major policy reversal.

“We are not selling any of those facilities,” he said. “Instead, we are working on transforming them into high-performing assets. Watch out for what we have planned—we will share our vision for these properties soon.”

Mr. Biney emphasized that SSNIT has embarked on a strategic review of its investment portfolio to identify and address underperforming assets. The goal, he noted, is to redirect resources into areas that offer stronger and more sustainable returns for pension contributors.

“It’s imperative that we convert non-performing assets into viable ventures,” he stated. “Our review has helped us identify sectors that are yielding better returns, and we are now focused on investing wisely.”