In a decisive shift following public backlash and political scrutiny, the Social Security and National Insurance Trust (SSNIT) has announced it will no longer proceed with plans to sell several of its hotels and properties. Instead, the Trust says it is committed to revitalising these assets to enhance value for pension contributors and the broader economy.
The move follows a controversial 2024 proposal by Abetifi MP and owner of Rock City Hotel, Dr. Bryan Acheampong, to purchase six SSNIT-owned hotels, including the Labadi Beach Hotel and Elmina Beach Resort. The offer ignited a wave of criticism, culminating in a petition by North Tongu MP Samuel Okudzeto Ablakwa to the Commission on Human Rights and Administrative Justice (CHRAJ). The petition alleged conflict of interest, procurement breaches, and corruption.
Speaking at the opening of a new SSNIT branch on Spintex Road in Accra on May 20, Director General Kwesi Afreh Biney made the Trust’s new direction clear: “We will not sell those facilities. We will turn them around.”
He emphasized that SSNIT is currently undergoing a comprehensive review of its investment portfolio to pinpoint and rehabilitate underperforming properties. “It is crucial that we help change those non-performing assets into performing assets,” Biney said. “We are beginning to channel our resources into areas that give us the best returns.”
SSNIT’s decision not only distances it from the controversial hotel sale but also signals a broader effort to restore public trust and secure long-term sustainability for Ghana’s pension scheme.
