Empty rooms, heavy losses: Nana Akomea breaks down state of SSNIT hotels being bought by Bryan Acheampong

The Head of Communications of the Bawumia Campaign Team, Nana Akomea, has defended the decision by the Social Security and National Insurance Trust (SSNIT) to sell its shares in some hotels to Rock City Hotel.

Speaking on Good Morning Ghana on Metro TV, he said that contrary to beliefs that the sale of these shares would cost the pensioner money, the sale of controlling shares by SSNIT is rather financially beneficial.

He said that managing SSNIT-owned businesses was rather costly to the pensioners.

He cited some properties including the Elmina Hotel which has been experiencing losses and are rather costly to maintain.

“The case that SSNIT is losing money through these sales is rather the opposite.“The records show clearly that these businesses are costing the pensioners. Properties including Lababi Beach Hotel, Elmina Hotel, and Busua are all losing money.

“Even though Labadi beach hotel is making money, the return on investment is not much. But the rest are losing.

“So pension monies are being drained," he said.

He explained that businesses from which SSNIT has divested have turned profitable, as they are no longer under SSNIT's direct management.

This, according to Akomea, has led to improved financial performance for the Trust.

“When you look at the records, SSNIT is rather making money from businesses that it had divested its shares from. This is because they are no longer managing these businesses. When SSNIT has controlling shares, problems arise with who the government brings in to manage the business.

“When you look at the records from HFC, Trust bank, Merchant bank etc. You'll see that they started making money when they gave away controlling shares. So this matter of SSNIT “playing chaskele” with our pension funds is neither here or there,” he said.

ID/EK