Kwesi Afreh Biney, Director-General of the Social Security and National Insurance Trust (SSNIT), has categorically assured that Labadi Beach Hotel will not be sold under the current management.
This assurance was made at the launch of the 60th Anniversary celebrations of social security in Ghana on July 28, 2025.
It is recalled that SSNIT’s previous management attempted to sell 60% shares in four hotels, namely La Palm Beach Hotel, Labadi Beach Hotel, Ridge Royal Hotel, and Elmina Beach Resort.
Although Rock City Hotel, owned by Bryan Acheampong, was declared the financially viable bidder, it eventually withdrew its bid following public controversy.
The Director-General highlighted the current management’s strategic investments and measures in place to ensure SSNIT’s sustainability and growth.
Dr. Kwesi Afreh Biney stated that SSNIT was the first to address the student housing crisis, providing 4,250 beds in six universities nationwide.
As Ghana’s largest institutional real estate developer, SSNIT has built over 9,685 housing units, aiding home ownership.
SSNIT is also the largest institutional investor in Ghana’s Telco sector, with over GHC 500 million in investments.
SSNIT has invested GHC 2.4 billion in the financial sector, holding shares in 22 of 36 listed companies.
“We have invested GHȼ2.42 billion in Ghana’s financial system, holding shares in 22 of the 36 listed companies on the Ghana Stock Exchange and supporting 8 commercial banks playing a stabilisation role in the economy.
“I stand here today, and we all gathered here… Labadi Beach Hotel… A beautiful edifice is one of our investments wholly owned 100% by SSNIT, and we assure you that it would not be sold under our watch,” SSNIT’s Kwesi Afreh Biney stated.
By: Rainbowradioonline.com/Ghana
