SSNIT Targets Turnaround of Elmina and Busua Hotels | By David Kwakutse
The Social Security and National Insurance Trust (SSNIT), is intensifying efforts to revive the fortunes of two of Ghana’s prominent coastal hospitality assets, the Elmina Beach Resort and Busua Beach Resort, as part of a broader strategy to strengthen the performance of the Golden Beach Group.
Director-General of SSNIT, Kwasi Afreh Biney, says the Trust’s focus is now firmly on transforming the operations of the underperforming hotels while leveraging the continued success of Labadi Beach Hotel, which remains one of SSNIT’s most profitable investments.
Speaking on Joy News’ PM Express Business Edition, Mr. Afreh Biney disclosed that SSNIT has engaged consultants through a competitive procurement process to develop a five-year turnaround strategy for the Golden Beach Group, which comprises La Palm Royal Beach Hotel, Elmina Beach Resort, and Busua Beach Resort.
According to him, the objective is not to divest from the properties but to reposition them for long-term profitability and sustainability.
The move comes as SSNIT seeks to unlock greater value from its hospitality portfolio and improve returns to contributors. While Labadi Beach Hotel continues to generate strong financial results and regular dividend payments, other properties within the Golden Beach Group have faced operational and financial challenges over the years.
Mr. Afreh Biney noted that early signs of improvement are already emerging. La Palm Royal Beach Hotel recently recorded a profit of approximately GH¢1.8 million, marking an important milestone in the group’s recovery efforts, according to management.
“We have introduced accountability measures and operational reforms, and the turnaround process is beginning to show results,” he indicated.
The SSNIT Director-General explained that once the consultants’ report is fully assessed, a range of management and operational options could be considered for the hotels, including innovative partnership and leasing arrangements that preserve ownership while enhancing efficiency and revenue generation.
The successful revitalisation of Elmina Beach Resort and Busua Beach Resort could have significant implications for tourism development in Ghana’s Central and Western Regions, where both properties are strategically located and have long been regarded as important tourism assets.
Mr Biney said for SSNIT, the challenge now is to replicate the commercial success of Labadi Beach Hotel across the rest of its hospitality portfolio, transforming the Golden Beach Group into a stronger contributor to the Trust’s long-term investment returns.
SSNIT Targets Turnaround of Elmina and Busua Hotels | AviationGhana
