Copyright ahotoronline
The Social Security and National Insurance Trust (SSNIT) remains committed to addressing the financial difficulties facing three of its hotels—La Palm Royal Beach, Elmina Beach Resort, and Busia Beach Resort—by actively seeking strategic investors. This initiative follows the suspension of a broader plan to sell 60-percent stakes in six of its properties after facing significant criticism from workers’ unions and the public in 2024. The new Director-General of SSNIT, Kwesi Afreh Biney, made clear during a recent appearance before the Public Accounts Committee (PAC) of Parliament that these three hotels continue to underperform financially, necessitating external investment to improve their viability. While the Trust is pursuing investors for La Palm Royal Beach, Elmina Beach Resort, and Busia Beach Resort, it has opted to retain full control of its other three properties: SSNIT Guesthouse, Ridge Royale, and Labadi Beach Hotel. Mr. Biney highlighted that these properties are currently profitable and capable of sustaining operations independently, with the Labadi Beach Hotel generating over 80 million Ghana Cedis in profit in 2024. This distinction underscores SSNIT's selective strategy, focusing investor involvement only where financial stability is most urgently needed. The earlier attempt to sell stakes in the hotels had drawn allegations of political interference; however, Mr. Biney refrained from commenting on whether political considerations influenced the initial decision. This approach seems aimed at keeping the focus on the business and fiduciary responsibilities of SSNIT, distancing the Trust from political debates. Nonetheless, the issue remains sensitive, reflecting the broader scrutiny SSNIT faces regarding the management of its assets and the welfare of its contributors. To reassure both the public and pensioners, Deputy Minister of Finance Thomas Ampem Nyarko emphasized that future decisions to involve strategic investors would be conducted transparently and with the best interests of SSNIT contributors in mind. He assured that no politically exposed persons would benefit unfairly from such arrangements. This commitment to transparency and prudence is crucial for maintaining public trust in SSNIT’s stewardship of pension funds and its effort to balance financial recovery with stakeholder interests. Source: Ohemaa Adusi-Poku
