SSNIT is becoming a sinking fund that workers’ funds are used to take care of – Freddie Blay

Freddie Blay, a former National Chairman of the New Patriotic Party, has lambasted the demolition of structures along Accra's La Beach area, claiming it could exacerbate financial setbacks from the Social Security and National Insurance Trust's (SSNIT) investments in the hospitality sector. Blay argued that SSNIT should strive to enhance returns from its hospitality assets, rather than permitting the demolition of businesses that have contributed to the thriving tourism and entertainment economy along the beachfront.

He questioned the labeling of these businesses as unauthorized, asserting that commercial activities in the area predate the construction of the Labadi Beach Hotel and other facilities. Blay emphasized that the beachfront has evolved into a vibrant tourism and entertainment hub, generating substantial economic activity, especially during celebratory seasons, and should be regarded as an integral part of the broader hospitality ecosystem.

He also raised doubts about the adequacy of the SSNIT Board of Trustees' understanding of the situation before endorsing the demolition exercise. Blay called on SSNIT to investigate alternative investment strategies to boost the performance of its hospitality properties. He expressed concern over the possible ramifications of the demolition for Ghana's burgeoning hospitality and tourism sector, which he deemed an expanding industry.

SSNIT has defended the clearance, citing safety, security, fire, sanitation, environmental, and public health risks posed by unauthorized occupants and activities.