The Member of Parliament for Akyem Oda in the Eastern Region and former Deputy Minister of Health, Alexander Akwasi Acquah, has questioned the current status of the Social Security and National Insurance Trust’s (SSNIT) plans to secure strategic investors for some of its hotels.
Mr Acquah raised the issue in a post on Facebook following recent discussions about the future of SSNIT’s hospitality investments.
“Has SSNIT stopped selling its hotels? I thought it came up recently that they still needed a strategic investor?” he wrote.
His comments come amid renewed attention to SSNIT’s plans to improve the performance of some of its hotel assets through private-sector investment and expertise.
SSNIT has indicated that it is seeking strategic investors to partner with the Trust to revamp selected hotels in its portfolio.
The proposed approach focuses on strategic partnerships and joint ventures to attract fresh capital, upgrade facilities and strengthen management, rather than simply disposing of the assets.
The hotels identified for potential strategic partnerships include the La Palm Royal Beach Hotel, Elmina Beach Resort and Busua Beach Resort.
The facilities have faced financial and operational challenges, prompting the Trust to explore options to improve their performance and preserve their value.
According to testimony before Parliament’s Public Accounts Committee (PAC), SSNIT Director-General Kwesi Afreh Biney said the Trust was pursuing strategic partnerships to inject capital into some of its underperforming hospitality investments and improve their management.
The strategy is intended to bring in private-sector expertise and resources while ensuring that the assets remain commercially viable.
Mr Acquah’s comments also revive memories of SSNIT’s controversial attempt in 2024 to dispose of a 60 per cent stake in four of its hotels.
Rock City Hotel, owned by then-Minister for Food and Agriculture, Dr Bryan Acheampong, was selected as the preferred bidder in the process.
The proposed transaction generated significant public and political controversy, particularly over concerns about a potential conflict of interest involving the ownership of Rock City Hotel by a serving government minister.
The controversy triggered calls for greater transparency and scrutiny in the management and disposal of SSNIT’s assets.
Against this background, the Trust’s current emphasis on strategic partnerships rather than outright sale of the identified hotels has renewed questions about the exact direction of its hotel investment strategy.
Mr Acquah’s question therefore highlights the need for clarity on whether SSNIT has abandoned plans to sell any of its hotel assets or intends to pursue partnerships as the primary option for restructuring and improving their performance.
SSNIT’s hotel investments form part of its broader investment portfolio, with returns expected to contribute to the Trust’s ability to meet its pension obligations.
The search for strategic investors is consequently expected to focus on partners with the financial capacity, technical expertise and operational experience to upgrade the facilities and make them more competitive.
By 1960news.com
