The Social Security and National Insurance Trust (SSNIT) has stated that it will not sell any of its current assets or facilities. Instead, the Trust is focused on revamping and optimizing these properties to generate better returns for its contributors and stakeholders. This clarification follows a proposal made in 2024 by Dr. Bryan Acheampong, the Member of Parliament for Abetifi and owner of Rock City Hotel, to purchase several SSNIT-owned hotels. The hotels mentioned in the proposal 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 sparked widespread public backlash and led to a formal petition by the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition called for investigations into allegations of conflict of interest, abuse of power, lack of due process, procurement breaches, cronyism, and corruption.
Speaking at the opening of SSNIT’s new branch on Spintex Road in Accra on Tuesday, May 20, Director General of SSNIT, Kwesi Afreh Biney, confirmed that the Trust has decided to retain its assets and focus on transforming them into profitable ventures. “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 further explained that SSNIT is undertaking a strategic review of its investment portfolio to identify underperforming assets and convert them into viable income-generating properties. “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 added. The move signals a shift in SSNIT’s investment approach as it works to boost financial sustainability and public confidence.
By: Sammi Wiafe
