We are focused on revamping our hotels, not selling them- SSNIT
The Social Security and National Insurance Trust (SSNIT) has confirmed that it has no intention of selling any of its existing properties, including its portfolio of hotels.
Instead, the trust says it is now focused on revamping and optimising these assets to deliver better returns for contributors and stakeholders.
The clarification comes in the wake of public backlash over a 2024 proposal by Dr. Bryan Acheampong, Member of Parliament for Abetifi and owner of Rock City Hotel, to acquire several SSNIT-owned hospitality properties.
These include Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
The proposal triggered widespread criticism and led North Tongu MP, Samuel Okudzeto Ablakwa, to file a formal petition with the Commission on Human Rights and Administrative Justice (CHRAJ).
The petition requested investigations into alleged conflict of interest, abuse of power, lack of due process, procurement breaches, and corruption.
Addressing the issue during the opening of SSNIT’s new branch on Spintex Road in Accra on Tuesday, May 20, SSNIT Director General, Kwesi Afreh Biney, reaffirmed the Trust’s decision to retain its assets and focus on improving their performance.
“Watch out for what we will do with our facilities that were to be sold. I can assure that we will not sell those facilities, and we will turn them around, and have an event to tell you what we plan to do with them,” he stated.
Mr. Biney stated that SSNIT is undergoing a strategic review of its investment portfolio to identify underperforming assets and convert them into profitable, 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 said.
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