We won’t sell our hotels; we’ll revamp them – SSNIT DG

The Social Security and National Insurance Trust (SSNIT) has made an important announcement. It will not sell any of its current assets or facilities. Instead, SSNIT plans to improve these properties. The goal is to generate better returns for contributors and stakeholders.

This clarification follows a proposal from Dr. Bryan Acheampong. He is the Member of Parliament for Abetifi and owner of Rock City Hotel. He suggested purchasing several SSNIT-owned hotels, including Labadi Beach Hotel and La Palm Royal Beach Resort.

The proposal received significant public backlash. It also led to a formal petition by Samuel Okudzeto Ablakwa, MP for North Tongu. His petition called for investigations into allegations of conflict of interest and corruption.

On May 20, at the opening of SSNIT's new branch on Spintex Road in Accra, Director General Kwesi Afreh Biney spoke about the Trust's plans. He confirmed that SSNIT will retain its assets and focus on transforming them into profitable ventures.

Biney stated, "We will not sell those facilities." He assured that they would turn them around and share their plans with the public soon.

He also mentioned that SSNIT is reviewing its investment portfolio. This review aims to identify underperforming assets and convert them into income-generating properties.

"It is crucial that we help change those non-performing assets," he added. This move indicates a shift in SSNIT’s investment strategy to boost financial sustainability and public confidence.