The Social Security and National Insurance Trust (SSNIT) is reconsidering strategies to increase returns from its hotels.
This comes after the suspension of the sale of a 60% stake in four of its properties, including Labadi Beach Hotel and La Palm Royal Beach Hotel, to Rock City Hotel.
The suspension followed nationwide protests, with labor unions embarking on an indefinite strike, arguing the sale was not in the public’s best interest.
Speaking at a press briefing in Accra on Thursday, SSNIT Managing Director Kofi Bosompem Osafo-Maafo reassured that the Trust remains committed to improving the profitability of its hotels.
“We are revisiting our approach. We’re exploring private sector investments for a very clear reason—the returns have been below expectations, and the sector requires substantial investment, which we cannot fully support.
“We need to explore alternative funding options or enhance the portfolio. However, disagreements arose on how to achieve this, so, in consideration of our stakeholders, including the unions, we’ve decided to go back to the drawing board and will outline the next steps in due course,” he explained.
Source: Adomonline
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