SSNIT rules out sale of hotels, unveils major renovation and expansion plans
Kwesi Afreh Biney, Director-General of the Social Security and National Insurance Trust (SSNIT), has firmly stated that the organization has no intention of selling its investments in the hospitality sector.
Speaking to the media after the launch of the new SSNIT office at the Spintix branch, Biney highlighted ongoing and upcoming projects aimed at improving SSNIT’s hotel properties.
He revealed that SSNIT is currently renovating the 34-year-old Labadi Beach Hotel.
“We are upgrading sections of Labadi Beach Hotel,” he said. “Within the next 18 to 24 months, we plan to increase the number of rooms by at least 50.”
Biney also mentioned La Palme Royale, a prime beachfront property located near Labadi Beach Hotel. He described it as a valuable asset sitting on 34 acres of land.
The Director General stressed that SSNIT is open to partnerships to redevelop La Palme Royale to its full potential.
“We would invite others to engage us in redeveloping La Palme to what it should be because La Palme has great potential and is of great value.”
In addition to these projects, SSNIT plans to enhance its investments in the Central Region, including Ridge Royale and Elmina Beach Resort.
The organization also has ongoing investments in the Western Region.
“Our goal is to turn around non-performing assets and grow our returns on investment,” Mr. Biney emphasized.
Addressing concerns about the future of these investments, Biney was unequivocal “We have absolutely no plans to sell any of our hospitality assets.”
Background:
If you recall, in the second quarter of 2024, the decision by the Social Security and National Insurance Trust (SSNIT) to sell off four hotels belonging to the Trust to Rock City, owned by then Minister of Agriculture, Bryan Acheampong, has came under public scrutiny and criticism.
According to SSNIT, the decision to sell the hotels, namely Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Busua Beach Resort, was because the hotels have been recording losses and had to consistently receive bailout from the Trust, in order to survive.
Following the public outcry and decision by the labour unions to embark on an indefinite strike, Rock City, first withdrew its bid.
The Social Security and National Insurance Trust (SSNIT) officially communicated its decision to terminate the sale of its four hotels to Organised Labour.
The termination of the sale was announced after Organised Labour decided to embark on a nationwide strike on Monday, July 15.
A letter which was dated July 14, and signed by the chairperson of the board of Trustees, Elizabeth Akua Ohene, said, “The Board and Management of Social Security and National Insurance Trust (SSNIT) wish to inform you that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.
It assured pensioners of its commitment to managing the affairs of the Trust prudently.
“We wish to assure pensioners, contributors and the public of our commitment to managing the affairs of the Trust prudently for the sustainability of the Pension Scheme.”
Source : www.kumasimail.com /Kwadwo Owusu
