The Social Security and National Insurance Trust (SSNIT) has reaffirmed that it will not sell any of its current assets or facilities. Instead, it will focus on upgrading them to improve profitability for contributors and stakeholders.
This decision follows a 2024 proposal from Abetifi MP and Rock City Hotel owner, Dr. Bryan Acheampong, who sought to purchase several SSNIT-owned hotels, including Labadi Beach Hotel, La Palm Royal Beach Resort, and others.
The proposal led to strong public opposition, including a formal petition by North Tongu MP, Samuel Okudzeto Ablakwa, urging the Commission on Human Rights and Administrative Justice (CHRAJ) to investigate concerns about possible conflicts of interest, procurement breaches, and corruption.
The petition urged authorities to investigate claims of conflict of interest, abuse of power, procedural violations, procurement irregularities, cronyism, and corruption.
At the launch of SSNIT’s new branch on Spintex Road, Accra, on May 20, the Director General Kwesi Afreh Biney emphasized the Trust’s commitment to revitalizing its assets instead of selling them. He assured that SSNIT is reviewing its investment portfolio to transform underperforming properties into profitable ventures.
“Watch out for what we will do with our facilities that were to be sold. I can assure that we will not sell those facilities, and we will turn them around, and have an event to tell you what we plan to do with them,” he stated.
Mr. Biney highlighted SSNIT’s ongoing strategic review to identify underperforming assets and transform them into profitable, revenue-generating ventures.
“It is crucial that we help change those non-performing assets into performing assets. We have reviewed our investment portfolio, we have looked at the areas that are giving us the best returns, and we are beginning to channel our resources into areas that give us the best returns,” he added.
By shifting its investment strategy, SSNIT aims to strengthen financial sustainability and maintain public confidence in its operations.
