The National Pensions Regulatory Authority (NPRA) has directed the Social Security and National Insurance Trust (SSNIT) to halt all processes aimed at engaging Rock City Hotel Limited as the strategic investor in the sale of four hotels owned by the Trust.
In a letter addressed to the Director General of SSNIT, the NPRA stated that the decision is pending the conclusion of its evaluation of the relevant facts associated with the sale and ongoing engagements with the Minister for Pensions and other stakeholders.
“The Authority, in addition to the evaluation of the documents submitted to us, is engaging the Minister for Pensions and relevant stakeholders on the subject matter. Further directives shall be issued to you on the subject matter as soon as we conclude our engagements and the evaluation of the relevant facts associated with the subject matter,” the letter stated.
The hotels in question are La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel, and Trust Lodge.
The NPRA appreciated the efforts of SSNIT in providing information and insights on the matter but deemed it necessary to issue the directive to ensure compliance with the National Pensions Act, 2008 (Act 766).
“We are counting on your usual co-operation,” the letter concluded.
The development comes after SSNIT appeared before the Board of the NPRA on June 25, 2024, to provide further insights on the sale of the hotels.
Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu Constituency, has incessantly opposed the sale of SSNIT’s 60% stake in four hotels to Rock City Hotel Limited owned by Agriculture Minister, Bryan Acheampong.
Amongst other things, Ablakwa alleges that the deal is full of corruption, abuse of power, and lacks transparency.
Meanwhile, the Board Chairman of the Social Security and National Insurance Trust (SSNIT), Elizabeth Akua Ohene has poured cold water on such claims.
In an article titled ‘Coming out of the hotels, Madam Elizabeth Ohene said SSNIT’s processes of divesting its interests in the hotels was “clean, above board, and met every rule and regulation”.
