Google search engine

The Social Security and National Insurance Trust (SSNIT) has justified is decision to sell 60 percent stake in four of its hotels.

According to SSNIT, it has so far invested over GHC230 million to revive the hotels, but all the hotels have failed to bring returns.

Director-General of SSNIT, Kofi Osafo-Maafo said this when he addressed a news conference in Accra on July 8.

“If you look at Elmina, the picture is not that different. Indeed, in nine out of the last fourteen years, it has not paid us a dividend. The money we put into that hasn’t earned us any returns. The returns are negative over the period preceding the decision to diversify the 60 percent shares.”

“If you look at Basua beach, it’s the same, no dividend. Losses in most of the years and returns negative. Indeed, minus thirty-one point seven for the period 2010 to 2017. Let’s put everything into perspective. That is why we will want to improve it with private investment,” Mr Osafo-Maafo explained.

He added that, “a significant amount was put in the hotel. Infact, the hotel owes us GHC44 million that we have put in this hotel, we have also had engagement with NPRA and once more we will have another engagement and if it is deemed necessary, we will continue to engage and that is the message”.

Read also:

Move to sell SSNIT hotels was announced in the Daily Graphic & Times; claim it’s shrouded in secrecy baffles me – Elizabeth Ohene