The Minister of Employment and Labour Relations, Ignatius Baffour Awuah, has revealed that, the National Pensions Regulatory Authority (NPRA) has given Social Security and National Insurance Trust (SSNIT) the go ahead to sell 60% of its shares in hotels to private investor, Rock City.
The NPRA ordered SSNIT to suspend its ongoing negotiations with Rock City Hotel over the sale of the four hotels which includes, are Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
However, speaking on the floor of parliament on Thursday, July 11, the sector minister indicated that, NPRA has gone through all SSNIT’s documentation, thus, gives them the approval to continue with the process.
“Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read the directive from NPRA. It said it needed to be furnished with all information relating to the sale of the hotels, which SSNIT has since done that.
“So, it wasn’t like a direct something that SSNIT should not go ahead to do anything, but then, SSNIT can only go ahead when NPRA, which is the regulator within the field, had actually certified that they have seen all the documentation and the processes, and they think that we are good to go.
“Yes, so, as a minister, I can tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead”, Baffour Awuah stated.
