The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has disclosed that the Trust is actively seeking a strategic investor for three of its hotels — La Palm Beach Hotel, Elmina Beach Resort, and Busua Beach Hotel — to help address their ongoing financial challenges.

Speaking before the Public Accounts Committee (PAC) on Friday, November 7, 2025, Biney explained that while these three properties continue to struggle, other SSNIT-owned hotels are showing signs of recovery and do not currently require external investment.

He revealed that the Labadi Beach Hotel generated over $80 million in profit in 2024 alone.

“All three hotels are struggling. Are you still in the business of looking for a strategic investor? Yes, we are seeking a strategic investor for La Palm, Elmina Beach Resort, and Busua. However, for SSNIT Guest House, Ridge Royale, and Labadi Beach Hotel, we do not intend to seek any strategic investors coming in,” he said.

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Biney added that the profitable hotels should be allowed to operate independently.

“We believe that those three hotels should be allowed to run on their own and make profit. Labadi Beach Hotel, for instance, in 2024 made profits in excess of $80 million,” the SSNIT Director-General stated.

The update comes in the wake of public scrutiny over SSNIT’s earlier attempt to sell a 60% stake in four of its hotels — La Palm, Labadi Beach, Ridge Royale, and Elmina Beach Resort — to Rock City Hotel Limited, a company owned by then-Minister of Food and Agriculture and MP for Abetifi, Dr Bryan Acheampong.

The proposed deal sparked widespread backlash, with critics, including the Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, raising concerns about transparency and potential conflicts of interest.

Following the controversy, Rock City Hotel withdrew its bid, prompting SSNIT to reassess its strategy for managing underperforming assets.

SA/MA

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