Accra: 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.
According to Ghana News Agency, the past SSNIT administration wanted to sell 60 percent 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. This development was met with an uproar, including threatened demonstrations by Organised Labour and others, leading the National Pensions Regulatory Authority (NPRA) to 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." He emphasized that SSNIT aims to transform these non-performing assets into performing ones to increase payouts to pensioners.
The Director-General also outlined SSNIT's strategic investment focus on energy, telecommunications, fixed-income securities, and equity in the banking sector, which have 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," he stated.
Additionally, Mr. Biney noted the positive performance of listed equities, particularly in the banking industry and the telecommunications sector, which have yielded beneficial returns for the company. Consequently, SSNIT plans to invest more in these areas.
On energy, he highlighted the expansion of CENIT Energy to operate commercially in Kumasi, not only to enhance power provision for the people of Ghana but also to capitalize on the good returns from the sector.
Regarding the opening of the new office, Mr. Biney indicated that it is part of SSNIT's strategy to expand coverage and make its services more accessible and convenient. He mentioned the provision of digital services through USSD, websites, and a functional app, and announced plans to introduce a virtual branch by September 2025 to further expand reach to Ghanaians.
