The Social Security and National Insurance Trust (SSNIT) has announced plans to expand and remodel some of its major hotel investments as part of a broader strategy to enhance returns and safeguard the long-term sustainability of the pension fund.
Mr. Kwesi Afreh Biney, Director-General of SSNIT, disclosed the initiative during a visit by Madam Lydia Lamisi Akanvarigba, Minister of Public Sector Reform, to the Trust’s headquarters in Accra on Wednesday. He said the move formed part of SSNIT’s strategic plan to optimise its investment portfolio and ensure contributors and pensioners derive maximum value from the Trust’s assets.
Mr. Biney noted that the Labadi Beach Hotel, which is wholly owned by SSNIT, continued to perform strongly and showed significant growth potential. “Labadi is doing well. Labadi is seeking to expand, and as the 100 percent shareholder, we will give our unwavering support to that expansion,” he stated.
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He added that the La Palm Royal Beach Hotel was also being prioritised for redevelopment and remodelling to revitalise its operations and improve profitability. Ongoing discussions, he said, were focused on transforming the hotel into a modern, high-performing facility capable of contributing more meaningfully to SSNIT’s total assets under management.
“There are ongoing conversations to remodel and redevelop La Palm because ultimately, we need to improve the returns on our investments to grow the Trust and safeguard contributors’ funds,” Mr Biney explained.
He acknowledged recent public debate surrounding SSNIT’s hotel investments but assured contributors and pensioners that all decisions were guided by sound investment principles and aimed at creating long-term value.
Beyond investment performance, Mr Biney highlighted SSNIT’s commitment to improving service delivery and accessibility, especially in rural and underserved areas. He revealed that the Trust was implementing a co-location strategy with banks and exploring partnerships with district assemblies to make services more accessible to contributors in remote communities.
“We’re not just limiting ourselves to banks. Even district assemblies can serve as points of contact where we station our staff to serve contributors,” he said.
He also disclosed that SSNIT was strengthening its virtual infrastructure to enable contributors to access services remotely. “We are improving our virtual systems daily so that people can engage us from the comfort of their homes. These initiatives are meant to improve accessibility and convenience for the people we serve,” he added.
Touching on calls to extend the national retirement age from 60 to 65 years, Mr Biney called for a national dialogue and stakeholder engagement on employment and retirement policy. He said that as life expectancy rises, Ghana must find a balance between employment opportunities and sustainability within the social security system.
“It’s a question that keeps coming up, and it requires broader consultation. Once we all get onto the roundtable, we’ll have those conversations, and I’m confident that the outcome will define how we move forward as a country,” he said.
Madam Akanvarigba commended SSNIT for its ongoing reforms and technological innovations designed to make its services more accessible to contributors and pensioners. She particularly lauded SSNIT’s digitalisation agenda, including the development of online platforms to facilitate contributions and benefit payments, especially for those in rural areas.
The Minister also praised SSNIT’s upcoming telehealth initiative, which aims to deliver healthcare services to members through digital platforms. “The telehealth system, which allows people to receive health services through digital platforms, is an excellent innovation. I have seen similar systems in Ethiopia and Kenya, and I believe it will go a long way to enhance SSNIT’s service delivery,” she said.
