Minister defends SSNIT’s investment in Rock City Hotel

The Minister of Information, Fatimatu Abubakar, has provided insights into the Social Security and National Insurance Trust (SSNIT) investments during a familiarization tour at the Multimedia Group Limited.

SSNIT, created to provide pensions for contributors, invests these contributions to generate revenue for its beneficiaries.

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However, SSNIT’s ventures into hospitality investments, such as hotels and guest houses, have sparked controversy.

Previously, SSNIT successfully divested from underperforming investments, allowing other shareholders to take over.

The Information Minister noted that a Ghanaian entrepreneur with a strong track record in the hospitality industry has shown interest in acquiring SSNIT’s stake in Rock City Hotel, which has over 800 rooms and employs numerous youth.

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The entrepreneur plans to expand the infrastructure, creating more jobs and significantly contributing to Ghana’s economy, particularly in the hospitality sector, which is projected to grow to $5 million annually.

Despite meeting requirements and undergoing a competitive process, some argue that the minister’s involvement constitutes a conflict of interest. However, the entrepreneur was not a cabinet member when the process began. Politics should not deny a capable Ghanaian the opportunity to invest in the country’s growth.

Abubakar emphasized that Ghanaians should embrace local investment and support capable individuals who can drive economic growth and create jobs.

By doing so, we can promote tourism, hospitality, and economic development, ultimately benefiting our nation. Let us foster a culture that encourages local investment and celebrates Ghanaian success stories.

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