The Social Security and National Insurance Trust (SSNIT) will not proceed with the sale of its assets, including several high-profile hotels, but will instead revamp them to enhance returns for contributors and stakeholders, the Trust’s Director General has confirmed.
“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,” Kwesi Afreh Biney, Director General of SSNIT, said at the launch of a new branch in Accra on May 20, 2025
The clarification follows public backlash over a 2024 proposal from Bryan Acheampong, Member of Parliament for Abetifi and owner of Rock City Hotel, to purchase six SSNIT-owned hotels. These included Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel.
SSNIT’s decision not to offload the properties marks a pivot in its investment strategy. Biney said the Trust is undertaking a comprehensive review of its portfolio to reposition non-performing assets as viable income streams.
“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.
