SSNIT’s Hotel Sale: Continuing Stakeholder Engagement Amidst Suspension

The Director-General of the Social Security and National Insurance Trust (SSNIT), Mr. Kofi Osafo-Maafo, has reaffirmed the Trust’s commitment to engaging stakeholders regarding the proposed sale of 60% of its shares in four hotels.

This follows the National Pensions Regulatory Authority’s (NPRA) directive to suspend the sale.

At the 2024 SSNIT Media Encounter in Aburi, the Director-General emphasized the Trust’s intent to act transparently and in good faith, aiming for optimal outcomes. The event’s theme was “Sustaining the SSNIT Pension Scheme: Investments and its Impact on Benefits Payment.”

Highlighting that the decision to sell was commercially motivated, Mr. Osafo-Maafo noted the goal was to maximize benefits despite consistent losses, high maintenance costs, and the need for strategic partnerships. The hotels involved are La Palm Royal Beach, Elmina Beach Resort, Busua Beach, Ridge Royal, Trust Lodge, and Labadi Beach.

Rock City emerged as the only bidder for four hotels, submitting the strongest technical and financial proposal. However, negotiations have stalled due to disagreements over payment terms and duration. Bids for Busua and Trust Lodge were deemed unsuccessful.

Moreover, the Director-General underscored the importance of managing investment risks to improve returns and assured stakeholders of the Trust’s enduring value, highlighting its superior pension benefits and continuous improvements in service delivery.