The Social Security and National Insurance Trust (SSNIT) has announced plans to explore new strategies to improve returns from its hotel assets.
This move follows the suspension of the sale of a 60% stake in four of its hotels, including Labadi Beach Hotel and La Palm Royal Beach Hotel, to Rock City Group.
The decision to halt the sale came after widespread protests led by labour unions, who argued that the sale was not in the public's interest.
SSNIT Managing Director, Kofi Bosompem Osafo-Maafo, reaffirmed the trust's commitment to boosting the profitability of its hotel investments. "We are going back to the drawing board.
We are looking at private sector investments into the hotels for a very good reason the returns were below par and when the returns are below par it is in a sector that requires a significant amount of investments which we cannot fund. "We have to look at new ways of funding it or improving the portfolio and obviously there were disagreements on how we achieve that and so with the disagreement and taking into account the interest of our stakeholders, i.e., the unions and all the other stakeholders, we've gone back to the drawing board and in time we would look at the way we progress," he stated.