The Social Security and National Investment Trust (SSNIT) has justified its decision to sell 60 percent of its stakes in four hotels to a private investor.
It would be recalled that on June 18, 2024, the North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, led the “Hands off Our Hotels Demo” against the sale of the SSNIT hotels to a private investor.
However, during a media engagement in Accra on July 8, 2024, SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, pointed out that the appointment of external managers in the past had failed to reverse the trend of financial losses.
“We’ve been through quite a lengthy process to do so. Bear in mind, we’ve also tried having external management companies running the SSNIT hotels and that hasn’t resolved the problem either,” Osafo-Maafo said. “We are looking to resolve a problem and do so with the introduction of a strategic investor and we outlined the reasons there,” he added.
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He further drew attention to the persistent losses incurred by almost all of SSNIT’s hotels.
“Consistent losses by almost all of our hotels. I know you are aware that Labadi doesn’t make a profit, but the returns are below. They haven’t paid us any dividends except Labadi. Labadi Beach Resort only started paying dividends for the last two years. They haven’t from inception,” he revealed.
According to Osafo-Maafo, since the returns are low on investment, he believes the sale is a strategic and rational decision.
