SSNIT discontinuous sale of four hotels

The Social Security and National Insurance Trust (SSNIT) has announced the discontinuance of the sale process of four hotels under its business portfolio.

In a statement dated July 12, 2024, SSNIT said it has ceased the sale process, which intended to transfer 60% of the state-owned insurance company’s stake in the four hotels to a private investor.

“The Board and Management of the Social Security and National Insurance Trust (SSNIT) wish to inform the public that the process to divest 60% of SSNIT’s stake in the hotels has been terminated.

“We wish to assure pensioners, contributors, and the public of our commitment to managing the affairs of the Trust prudently to ensure the sustainability of the Pension Scheme,” the statement signed by the Board Chair of SSNIT, Madam Elizabeth Ohene, said.

The announcement comes on the back of public resistance raised against the sale of the four hotels and a subsequent decision by Rock City Hotels, owned by the Minister for Food and Agriculture, Bryan Acheampong, to withdraw its bid.

According to critics, the choice of a company owned by a member of the government was a clear case of conflict of interest, while others argued against the sale of the hotels in principle.

Read the statement below:

More to follow

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