The Social Security and National Insurance Trust (SSNIT) has announced a major shift in its investment strategy, disclosing that it will no longer proceed with the planned sale of some of its assets, including hotels like Labadi Beach Hotel. Instead, the Trust is set to revamp and optimise these assets to enhance financial performance and deliver greater value for stakeholders.
The move comes after a wave of public backlash in 2024, when SSNIT signaled its intention to offload stakes in what it then described as “non-performing assets.” The decision drew criticism from labour unions, pensioners, and civil society groups, who expressed concerns over asset undervaluation and long-term sustainability.
Speaking at the opening of SSNIT’s 52nd branch at Takyi Plaza on the Spintex Road in Accra, Director General Kwesi Afreh Biney reaffirmed the Trust’s new approach, emphasizing a commitment to asset transformation rather than disposal.
“It is crucial that we help change those non-performing assets into performing assets,” he said. “Watch out for what we would do with our facilities that were to be sold. I can assure you, we will not sell those facilities. We’ll turn them around and reveal our plans in due course.”
Mr. Biney noted that SSNIT has already begun reviewing its investment portfolio to determine which sectors and assets deliver the best returns, with the goal of realigning future investments accordingly.
“We’ve looked at which areas are giving us the best returns, and we are beginning to channel our resources into those areas,” he explained.
The policy pivot is seen as part of a broader effort by SSNIT’s new leadership to rebuild public confidence, ensure sustainability of the pension scheme, and increase long-term value generation for contributors.
In addition to the asset revamp strategy, Mr. Biney also announced plans to launch a virtual office in the third quarter of 2025. The digital platform is expected to improve convenience, boost enrolment, and allow users to access SSNIT services remotely.
The newly opened Spintex branch is designed to serve residents and businesses in the fast-growing Adogon, Baatsona, and surrounding areas. With the addition of this facility, SSNIT now operates 52 branches nationwide, bringing services closer to members and employers.