Sale of 60% shares only viable option to revive Hotels – SSNIT

SSNIT has defended selling 60% of its shares in four hotels—Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Ridge Royal Hotel—to a private investor.

SSNIT’s Director General, Kofi Bosompem Osafo-Maafo, explained that this was the only viable option to address the hotels' continuous losses.

Despite external management attempts, profitability remained an issue, with Labadi Beach Hotel being the only one to pay dividends recently.

Osafo-Maafo emphasized the need to optimize returns and reinvest in more lucrative ventures, comparing the sale to preparing a property for sale to maximize its value.