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The Social Security and National Insurance Trust (SSNIT) is exploring new strategies to improve returns from its hotel investments following the suspension of a planned sale of a 60% stake in four of its hotels, including Labadi Beach Hotel and La Palm Royal Beach Hotel, to Rock City Hotel.
The suspension occurred after widespread opposition, with labor unions across the country launching an indefinite strike, arguing that the sale was not in the public’s best interest.
Speaking to journalists in Accra on Thursday, SSNIT’s Managing Director, Kofi Bosompem Osafo-Maafo, emphasized the Trust’s commitment to boosting the profitability of its hotel assets. “We are going back to the drawing board. We are considering private sector investments into the hotels because the returns have been below expectations. Given that the hotel sector requires significant investment, which we cannot fully fund, we need to explore new ways of financing or improving the portfolio.”
He acknowledged the disagreements surrounding the sale and emphasized the importance of considering the concerns of stakeholders, particularly the labor unions. “In light of these disagreements and the interests of our stakeholders, we have paused to reevaluate our approach. In due time, we will determine the best path forward,” Osafo-Maafo added.
Source: Omanghana.com
