Africa-Press – Ghana. Social Security and National Insurance Trust (SSNIT) will not sell any of its hotels but will make them more profitable, Mr Kwesi Afreh Biney, Director-General, has disclosed.
He said this in response to a question posed by the Ghana News Agency on the company’s investment portfolios at the opening of a new SSNIT branch at Spintex, Accra, on Monday, May 19.
The past SSNIT administration wanted to sell 60 per cent of its stake in four SSNIT hotels – Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort to Rock City Hotel Limited.
The development was met with an uproar, including a threatened demonstrations by Organised Labour and others, making the National Pensions Regulatory Authority (NPRA) order a suspension of the sale of the hotels.
Speaking about the future of SSNIT hotels, Mr. Biney said: “Watch out for what we will do with our facilities that were to be sold. I can assure you we will not sell those facilities.”
“We will turn around those facilities, and we will have an event to speak to what we plan to do with those facilities,” he added, noting that such a move was crucial in changing their non-performing assets into performing ones and increase payouts to pensioners.
He said the Trust would push more investments into energy, telecommunication, fixed-income securities and equity in the banking sector, which had proven to be more rewarding.
“We’ve made a decision that the fixed-income securities is an area that has been given good returns for us. So, we keep pushing quite a number of our investments into the fixed-income securities.” Mr. Biney said.
He noted that listed equities, particularly in the banking industry had done great for SSNIT, just as investment in the telco space had also yielded positive returns for the company, therefore, it would invest more in those areas.
On energy, the Director-General noted that because of the “great results” they have had in the sector, SSNIT was expanding CENIT Energy to operate commercially in Kumasi.
“This is not only to expand power provision for the people of Ghana, but because it’s giving us good returns, it should be an area that we can enhance our activities,” he said.
Regarding the opening of the new office, Mr. Biney indicated that it formed part of SSNIT’s strategy to ensure that it expanded coverage, made its services more accessible and convenient.
“We currently provide digital services to USSD, as well as our websites and a functional app that enables people to interact with us,” he said, adding that SSNIT would by the September 2025, outdoor a virtual branch to expand reach to Ghanaians.
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