The Social Security and National Insurance Trust (SSNIT) has firmly dismissed any plans to sell its hotels, declaring that the state pension manager’s hospitality investments remain profitable, resilient, and central to safeguarding contributors’ funds.
Speaking at a media engagement ahead of SSNIT’s 60th-anniversary celebrations in Accra, Mr Afreh Biney cited the performance of the Labadi Beach Hotel as proof of viability: “By 2023, Labadi paid GHS 8 million and another GHS 8 million is expected this year. Why would we want to sell such a profitable asset?” he asked.
While rejecting outright sales, he said SSNIT remains open to strategic partnerships for properties that need redevelopment or fresh capital such as the La Palm Royal Beach Hotel and the Elmina Beach Resort.
“We may consider partnerships that bring in private investment without losing ownership,” he explained. “Under no circumstance will we sell our majority stake or give up control.”
The insistence on retaining assets comes against the backdrop of a major controversy from mid-2024. SSNIT had proposed selling a 60 % stake in four of its hotels; Labadi Beach, La Palm Royal, Elmina Beach Resort and Ridge Royal Hotel to Rock City Hotel Limited.
The deal was approved by the regulator National Pensions Regulatory Authority (NPRA) on 11 July 2024 after a prior suspension of the process to allow due diligence.
However, the arrangement triggered strong public and labour union opposition, citing concerns of conflict of interest and poor transparency. A statement from SSNIT dated 12 July 2024 announced the termination of the sale process.
SSNIT had justified the sale attempt by citing heavy losses, large maintenance costs and sub-standard returns at several of the hotels.
By rejecting outright sales and favouring strategic partnerships, SSNIT appears to be signalling a shift in approach: keeping ownership of core assets while exploring investment-sharing models where appropriate.
