We’re exploring ways to boost returns from SSNIT hotels – Osafo-Maafo

The Social Security and National Insurance Trust (SSNIT) is exploring new strategies to boost returns from its hotels.

This follows the suspension of the 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 came after widespread unrest, with labour unions nationwide initiating an indefinite strike in protest of the sale, arguing that it was not in the public’s best interest.

Addressing journalists in Accra on Thursday, SSNIT’s Managing Director, Kofi Bosompem Osafo-Maafo, stated that the Trust remains committed to enhancing the profitability of its hotels.

“We are going back to the drawing board. We are looking at private sector investments into the hotels for a very good reason the returns were below par and when the returns are below par it is in a sector that requires a significant amount of investments which we cannot fund.

“We have to look at new ways of funding it or improving the portfolio and obviously there were disagreements on how we achieve that and so with the disagreement and taking into account the interest of our stakeholders, i.e., the unions and all the other stakeholders, we’ve gone back to the drawing board and in time we would look at the way we progress,” he stated.