SSNIT Boss Justifies Sale Of Hotels: "They Were Making Losses"

SSNIT Boss Justifies Sale Of Hotels: "They Were Making Losses"

  • The boss of the Social Security and National Insurance Trust (SSNIT) has defended his outfit's decision to sell the Trust's 60% stake in four hotels
  • He insisted that the hotels were not producing the needed dividends to continue operating them
  • He said the Trust was not capable of continuing to sponsor the hotels while making a loss

The Social Security and National Insurance Trust (SSNIT) has explained its decision to sell its 60% stake in some four hotels to Rock City Hotel Limited.

In a press briefing on Monday, July 8, 2024, the Director General of SSNIT, Kofi Bosompem Osafo Maafo, said all hotels listed by SSNIT for sale had suffered a series of losses over the years.

SSNIT Boss Justifies Sale Of Hotels
The SSNIT boss insists that the hotels are not profitable hence the need to sell them.
Source: UGC

He said the majority of hotels listed no longer pay dividends to the government, leaving the state with no other option than to put them up for sale.

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He argued that that was the only way to revive the state hotels.

Osafo Maafo explained that managing the hotels is a capital-intensive business that needs continuous capital expenditure; however, SSNIT does not have the means to sustain these hotels.

He said this was why SSNIT decided to find a strategic investor to take the hotels off their hands.

He stated that SSNIT’s management had tried several solutions, including inviting external management companies to run the hotels, but they proved futile.

Osafo Maafo was adamant that SSNIT did not breach procurement laws during the bidding process.

He believes SSNIT’s move to sell its stakes was financially sound.

Meanwhile, SSNIT has assured the general public that it has halted its ongoing negotiations with Agriculture Minister Bryan Acheampong’s Rock City Hotel and other potential investors following a directive from the National Pensions Regulatory Authority.

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Majority leader demands SSNIT come clean on sale of hotels

Earlier, the Majority Leader Alexander Afenyo-Markin called on the Social Security and National Insurance Trust (SSNIT) to come clean on selling shares in four hotels to the Agriculture Minister, Dr Bryan Acheampong.

The Effutu MP urged SSNIT to release documents regarding the sale to ensure transparency and ease the minds of those protesting against the deal.

His call follows heightened agitation against selling 60% of SSNIT's shares in the Elmina Beach Resort, Ridge Royal Hotel, La Palm Royal Beach Resort, and Labadi Beach Hotel to Bryan Acheampong's Rock City Hotel Limited.

The North Tongu Member of Parliament, Samuel Okudzeto Ablakwa, has raised concerns about the deal, citing a possible conflict of interest, abuse of power and cronyism.

He has petitioned the Commission on Human Rights and Administrative Justice (CHRAJ) to initiate an investigation.

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But Afenyo-Markin believes a little more sunshine on the deal would probably ease the censure it has received from the general public.

Ablakwa proposes a Kenyan-style demo to stop sale of SSNIT hotels reported that Samuel Okudzeto Ablakwa, MP for North Tongu, has called for a massive demonstration against the sale of the SSNIT Hotels.

He said the demonstration should be akin to the recent protests in Kenya, which forced President Ruto to rescind the finance bill.

He said President Akufo-Addo's failure to stop the sale of the hotels despite widespread criticism is the cause of the demonstration.

Proofread by Berlinda Entsie, journalist and copy editor at


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Cornerlis Affre (CA and Politics Editor) Cornerlis Kweku Affre is at present a Current Affairs Editor at He covers politics, business, and other current affairs. He has worked in various roles in the media space for at least 5 years. You can reach out to him at