The Secretary-General of the Ghana Federation of Labour, Abraham Koomson, has questioned the 2024 plan by the Social Security and National Insurance Trust (SSNIT) to sell a 60 percent stake in four of its hotels.
Speaking during a panel discussion on Ahotor 92.3 FM’s political talk show Yepe Ahunu, hosted by Nana Dogbe, Mr. Koomson questioned why SSNIT would consider disposing of the facilities instead of giving qualified Ghanaian professionals the opportunity to manage and improve their performance.
He recalled participating in demonstrations and press conferences against the proposed sale, arguing that Ghanaian professionals with the requisite expertise could have been tasked with turning the hotels around.
The four hotels covered by the 2024 proposal were Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel and Elmina Beach Resort.
SSNIT, in a statement issued on June 13, 2024, said the proposed sale was intended to raise capital, bring in professional expertise, manage investment risks and improve returns to the pension scheme. The Trust also cited consistent losses, frequent requests for maintenance funding, capital injections, high capital expenditure and the need for strategic partnerships as reasons for seeking private participation in the hotels.
According to SSNIT, Rock City Hotel Limited emerged as the preferred bidder after submitting the strongest technical and financial proposal. The company offered US$61.2 million for the 60 percent stake in the four hotels, compared with an independent valuation of US$59.1 million.
Mr. Koomson, however, maintained that Ghana should prioritize restructuring and professionally managing state-owned assets rather than disposing of them.
He said an engagement with SSNIT trustees and management at the Labadi Beach Hotel provided an opportunity to understand the challenges confronting the facilities and explore possible ways of improving their performance.
Mr. Koomson questioned why competent Ghanaian professionals could not be entrusted with the management of the hotels to make them more efficient and profitable while allowing the state to retain ownership.
He maintained that valuable state-owned assets should be strengthened through professional management and restructuring where necessary, rather than being disposed of without fully exploring alternative solutions.
Story by Stephen Kwaku Owusu Mintah
