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The Vice Chairperson of the Public Accounts Committee (PAC), Davis Ansah Opoku, has attributed the failure of the Social Security and National Insurance Trust (SSNIT) to attract investors for some of its underperforming hotels to the politicisation of issues in the country. SSNIT at the PAC sitting on Friday confirmed that it is seeking strategic investors to revive certain hotels under the Golden Beach Hotels Group, including La Palm Beach Hotel and Elmina Beach Resort. However, other properties such as SSNIT Guest House, Ridge Royale, and Labadi Beach Hotel are not part of the investment plan. The Trust’s hotel portfolio has been under public scrutiny following the failed 2024 attempt to sell a 60% stake in four hotels to Rock City Hotel Limited, which sparked political and labour opposition, ultimately leading to the withdrawal of the bid. SSNIT management has repeatedly assured pensioners and contributors of its commitment to prudent management and sustainable returns on its investments. The challenge, according to PAC, remains creating a depoliticised environment that encourages private investment in the sector. Speaking on the Channel One Newsroom on Friday November 7, Mr. Opoku stressed the importance of focusing on profitable ventures to safeguard pensioners’ funds. He noted that despite efforts over the past three years, no investor has shown interest in some of SSNIT’s hotels, many of which continue to depend on the Trust even to pay basic operational costs like electricity bills. “SSNIT is an institution that holds monies for pensioners, and when these monies are invested in ventures that ought to be profitable but end up running at losses, it is important to bring these matters to the fore,” he said. “For the past three years, we have still not had any investor showing interest in these defunct hotels. For me, it points to one thing being clear: the politicisation of issues in this country hurts the country. If a local investor has what it takes to invest in these hotels that are running losses, we ought to encourage them.” Mr. Opoku, who has long championed the involvement of local investors in state-owned enterprises, argued that some SSNIT properties require restructuring to make them viable. “I am one person who has been a champion of local investors taking over state interests that need a bit of surgery,” he added. PAC: SSNIT still seeking investors for La Palm, Elmina Beach Hotels – DG
