The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has given firm assurance that Labadi Beach Hotel will not be sold under the current management.

His assurance comes in the wake of heightened public scrutiny following 2024’s controversy involving the proposed sale of SSNIT’s 60 per cent stake in four hotels, namely La Palm Beach Hotel, Labadi Beach Hotel, Ridge Royal Hotel, and Elmina Beach Resort.

The intended buyer, Rock City Hotel, owned by former Agriculture Minister Bryan Acheampong, eventually withdrew its bid after facing strong resistance from Organised Labour, which threatened a nationwide strike.

Speaking at the launch of SSNIT’s 60th Anniversary celebrations on Monday, July 28, Director-General of SSNIT Kwesi Afreh Biney outlined measures and strategic investments that had been taken to make SSNIT sustainable and grow its reserves.

He highlighted initiatives such as the provision of affordable student accommodation with 4,250 beds across six university campuses, the integration of social security education into junior and senior high school curricula, and SSNIT’s position as Ghana’s largest institutional real estate developer.

He also emphasised that Labadi Beach Hotel is not under consideration for sale.

“We have invested GH?2.42 billion in Ghana’s financial system, holding shares in 22 of the 36 listed companies on the Ghana Stock Exchange and supporting 8 commercial banks playing a stabilisation role in the economy.

“I stand here today and we all gathered here…Labadi Beach Hotel…a beautiful edifice is one of our investments wholly owned 100% by SSNIT, and we assure you that it would not be sold under our watch,” SSNIT Kwesi Afreh Biney stressed.

Chief of Staff Julius Debrah, delivering his remarks at the event, highlighted the pivotal role SSNIT has played in ensuring dignified retirement for pensioners.

Chief of Staff Julius Debrah

“For us in government, a true legacy is not measured only by statistics but by the real impact the Trust has made on people’s lives…that is the financial security it provides during retirement, the peace of mind it brings pensioners and the dignity it brings along. Such impact speaks volumes,” he remarked.

Vice President Professor Naana Jane Opoku-Agyemang, delivering the keynote address, challenged SSNIT to adapt to evolving socio-economic dynamics and implement measures aimed at expanding coverage to the informal sector.

Vice President Professor Naana Jane Opoku-Agyemang

“We must aim to make the scheme stronger, more equitable and more sustainable and to broaden coverage to reach informal sector workers and the self-employed,” she said.