SSNIT to Expand Key Hotel Investments to Boost Pension Fund Returns

The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwesi Afreh Biney, has announced plans to expand and remodel some of SSNIT’s major hotel assets as part of a broader strategy to improve investment performance and ensure the long-term sustainability of the pension fund.

According to Mr. Biney, the initiative aligns with SSNIT’s goal of enhancing the value derived from its investments to benefit both contributors and pensioners.

Speaking during a visit by Madam Lydia Lamisi Akanvarigba, Minister of Public Sector Reform, at the Trust’s headquarters in Accra on Wednesday, Mr. Biney highlighted the Labadi Beach Hotel as one of the Trust’s strongest-performing assets, noting its consistent growth in recent years.

“Labadi is doing well. It’s seeking to expand, and as the 100 percent shareholder, we will give our unwavering support to that expansion,” Mr. Biney said.

He further revealed that the La Palm Royal Beach Hotel was also being prioritized for redevelopment and remodeling to revitalize its operations and enhance profitability. Discussions, he said, are underway to transform the hotel into a modern, competitive facility capable of generating stronger returns and contributing more meaningfully to SSNIT’s overall portfolio.

“There are ongoing conversations to remodel and redevelop La Palm because we need to improve returns on our investments to grow the Trust and safeguard contributors’ funds,” he added.

Madam Akanvarigba’s visit was part of the Ministry’s efforts to familiarize itself with key public institutions and gather input for the National Public Sector Reform Strategy (2025–2029).

Mr. Biney also addressed recent public interest in SSNIT’s hotel investments, assuring that all decisions regarding the hospitality portfolio are guided by sound investment principles and the aim of generating long-term value for members.

Beyond investment performance, the Director-General said SSNIT was implementing initiatives to enhance accessibility and service delivery, especially in rural and underserved areas. He disclosed that the Trust was pursuing a co-location strategy with banks and exploring partnerships with district assemblies to make its services more accessible.

“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.

Additionally, SSNIT is enhancing its digital infrastructure to enable contributors to access services remotely.

“We’re 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 those we serve,” Mr. Biney emphasized.

On proposals to extend the national retirement age from 60 to 65 years, Mr. Biney called for broad stakeholder consultations, noting that as life expectancy improves, Ghana must rethink employment and retirement policies to ensure balance and sustainability within the social security system.

“It’s a recurring question that requires broad consultation. Once we all come to the table, we’ll have those conversations and define the best way forward as a country,” he said.

Commending the Trust, Madam Akanvarigba praised SSNIT’s efforts to enhance service delivery through technology-driven innovations, including upcoming digital platforms that will allow contributors and pensioners—especially those in remote areas—to make payments or receive benefits without visiting a bank.

She also lauded SSNIT’s upcoming telehealth initiative, which will enable members to access health services virtually.

“The telehealth system, which allows members to receive healthcare through digital platforms, is an excellent innovation. I’ve seen similar systems in Ethiopia and Kenya, and I believe it will significantly enhance SSNIT’s service delivery,” she said.