HomeNewsLocal NewsMinister sheds light on sale of SSNIT's hotels

Minister sheds light on sale of SSNIT’s hotels

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The Minister of Information, Fatimatu Abubakar, has shed light on the Social Security and National Insurance Trust (SSNIT) investments as part of a familiarisation tour at the Multimedia Group Limited.

SSNIT, established to provide pensions to contributors, invests contributions to generate revenue for beneficiaries.

However, SSNIT’s foray into hospitality investments, including hotels and guest houses, has sparked controversy.

In the past, SSNIT successfully divested from underperforming investments, allowing other shareholders to take over.

According to Information Minister, currently, a Ghanaian entrepreneur with a proven track record in hospitality has expressed interest in acquiring SSNIT’s shares in four hotels which boasts over 800 rooms and employs numerous youth.

The entrepreneur plans to expand infrastructure, creating more jobs and contributing significantly to Ghana’s economy, particularly in the hospitality sector, projected to grow to $5 million annually.

Despite meeting requirements and undergoing a competitive process, some argue that the Minister for Food and Agriculture, Bryan Acheampong’s involvement constitutes a conflict of interest.

However, Fatima Abubakar is of the view that the entrepreneur was not a cabinet member when the process began.

“Politics should not deprive a capable Ghanaian of the opportunity to invest in their country’s growth,” she stated.

She added that Ghanaians should embrace local investment and support capable individuals who can drive economic growth and create jobs.

“By doing so, we can promote tourism, hospitality, and economic development, ultimately benefiting our nation. Let us foster a culture that encourages local investment and celebrates Ghanaian success stories,” she admonished.

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