…As Labadi Beach rakes in GH¢16 million dividend
The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwasi Afreh Biney, has commended Labadi Beach Hotel, one of Ghana’s leading hotels, for its strong financial performance in 2023.
He revealed that the hotel is expected to pay over GH¢16 million in dividends to SSNIT for the 2023 financial year, despite the economic and operational challenges experienced during the period.
Mr Biney praised the hotel’s management and staff for their resilience and dedication, noting that their efforts had contributed significantly to SSNIT’s investment returns and long-term sustainability.
He therefore reassured the public that SSNIT has no intention of selling any of its hotels, emphasizing their solid financial performance and strategic value to the organisation.
The former Akufo-Addo government had planned to sell 60% of its stake in the hotels, including Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, Ridge Royal Hotel, Busua Beach Resort, and the Trust Lodge Hotel to Rock City Hotel, owned by then Minister for Agriculture, Bryan Acheampong, who also served as the Abetifi Member of Parliament (MP) representing the then ruling NPP.
Speaking at the maiden edition of SSNIT Media Connect, held in Accra, yesterday, Thursday, 30 October 2025, Mr Biney said SSNIT’s investment in the hospitality sector continues to deliver impressive returns.
Citing Labadi Beach Hotel as an example, he noted that SSNIT, as the sole shareholder, received GH¢8 million in dividends for the 2023 financial year, with a further GH¢8 million expected from management for the same year, while work continues on the 2024 accounts.
“Labadi Beach Hotel has consistently performed well and remains one of the best hotels in Ghana. That is why we are not selling any of them; they are doing exceptionally well and continue to generate value for contributors,” he stated, adding that SSNIT will continue to retain full ownership of its profitable assets.
“We maintain that there is absolutely no reason to sell any of our hotels, whether it is 2%, 5%, or even 20%. They are solid investments,” he stressed.
On the future of other SSNIT-owned hotels, he disclosed that La Palm Royal Beach Hotel requires redevelopment and that discussions are ongoing with potential partners to explore viable options. He, however, emphasised that these engagements are not intended to result in a sale.
“La Palm Royal Beach Hotel has great potential, and we are currently reviewing several early-stage proposals to transform it into one of the most attractive hotels in the country,” he said.
Mr Biney further noted that other facilities, such as Elmina Beach Resort and La Palm, will require significant capital injection to enhance operations.
He said SSNIT remains open to strategic partnerships with experienced hospitality operators to support redevelopment, citing plans for “the Elmina Experience” to leverage the town’s Portuguese colonial heritage to attract tourists.
He assured that any partnership arrangements would preserve SSNIT’s majority ownership while safeguarding liquidity to sustain the scheme’s operations.
The SSNIT Media Connect engagement formed part of activities marking Social Security @ 60, held under the theme A Legacy of Service.
The initiative aims to strengthen collaboration between SSNIT and the media to enhance public understanding and confidence in the national social security scheme, encourage accurate reporting on social protection, and support efforts to expand coverage, particularly among informal and self-employed workers.
Addressing broader concerns, the Director-General reiterated that SSNIT remains financially sound despite past challenges, and that the Trust currently pays pensions to more than 257,000 beneficiaries each month.
“There were challenges, but there were opportunities too. I inherited both, but we worked together to define a strategy for the future. We have successfully paid pensions since 1965. In 1965, only three pensioners were being paid. Today, we pay over 257,000 pensioners each month,” he said.
Mr Biney revealed that the Trust has disbursed over GH¢5 billion in pension payments so far this year, underscoring its capacity and commitment to meeting its obligations.
“This year alone, we paid in excess of five billion cedis in pensions. The Trust will continue to evolve, we will make it stronger, and we will put in systems to ensure that we never fail,” he assured.
He reiterated that SSNIT operates a defined-benefit scheme, guaranteed by the government, and emphasised that contributors’ pensions are secure.
“This is a defined-benefit scheme, and it is guaranteed. There is nothing like the Trust failing and pensions being jeopardised,” he stressed.
