The Social Security and National Insurance Trust (SSNIT) has confirmed that it is still in search of strategic investors to help turn around some of its underperforming hotels under the Golden Beach Hotels Group.
Appearing before the Public Accounts Committee (PAC) on Friday, November 7, 2025, the Director-General of SSNIT, Kwesi Afreh Biney, explained that the initiative is part of efforts to revive the performance and profitability of certain hotels that continue to struggle financially.
He clarified, however, that the plan to attract private investment does not include all SSNIT-owned hotels.
“We are seeking a strategic investor for La Palm Beach Hotel and Elmina Beach Resort. However, for SSNIT Guest House, Ridge Royale, and Labadi Beach Hotel, we do not intend to seek any strategic support. We believe these three hotels should be allowed to run on their own,” he stated.
Mr. Biney emphasised that the Labadi Beach Hotel remains one of SSNIT’s most profitable investments, making a profit of about GHC80 million in 2024 and paying dividends of GHC16 million in 2023.
“Labadi Beach Hotel is doing well. They make a profit consistently and pay dividends. We have no plans to bring in a strategic partner for that entity,” he said.
The SSNIT hotel portfolio has been the subject of intense public scrutiny following revelations in 2024 that the Trust was in talks to sell a 60% stake in four of its hotels to Rock City Hotel Limited, owned by the Minister for Food and Agriculture and MP for Abetifi, Dr. Bryan Acheampong.
The proposed sale included La Palm Beach Hotel, Labadi Beach Hotel, Ridge Royal Hotel, and Elmina Beach Resort.
However, the deal was met with public backlash and political opposition, particularly from the MP for North Tongu, Samuel Okudzeto Ablakwa, who questioned the transparency and propriety of the transaction.
Following the controversy, Rock City Hotel withdrew its bid, prompting Organised Labour to call off a planned nationwide strike against the sale.
https://citinewsroom.com/2024/05/why-ssnit-is-selling-60-stake-in-four-hotels-to-bryan-acheampong/
