The Social Security and National Insurance Trust (SSNIT) has revealed that it is still seeking strategic investors for three of its hotels that continue to face financial challenges.
The three hotels—La Palm Royal Beach, Elmina Beach Resort, and Busia Beach Resort—were among six properties the Trust had planned to sell a 60-percent stake in, a move that drew intense public criticism in 2024. Following strong pushback from workers’ unions, SSNIT suspended the plan.
Appearing before the Public Accounts Committee (PAC) of Parliament, the new Director-General of SSNIT, Kwesi Afreh Biney, confirmed that the Trust is actively pursuing investors for the three struggling properties.
“The three hotels are struggling. We are seeking for a strategic investor for La Palme, Elmina Beach Resort, and Busia,” Mr. Biney told the committee.
“However, for SSNIT Guesthouse, Ridge Royale, and Labadi Beach Hotel, we do not intend to seek any strategic investors coming in. We believe that those three hotels should be allowed to run on their own and make profit. Labadi Beach Hotel, for instance, in 2024, made profits in excess of 80 million Ghana Cedi,” he added.
When asked by committee members whether the earlier decision to sell the hotels had any political undertones, Mr. Biney declined to respond, describing it as “a political question.”
Responding to the committee’s deliberations, Deputy Minister of Finance Thomas Ampem Nyarko assured the committee and the public that any future decision to involve strategic investors would be handled transparently and in the best interest of contributors and pensioners.
“He just stated that SSNIT intends to look for a strategic investor. We would want to give assurance that any decision to involve a strategic investor will be carefully looked at and will be in the interest of SSNIT. We will not do that for any politically exposed person. SSNIT will take a decision that will be in the interest of SSNIT and for pensioners of this country,” Mr. Ampem said.
Source: James Avedzi
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