NPRA Lifts Suspension on SSNIT Hotels Sale Negotiations

The National Pensions Regulatory Authority (NPRA) has given the green light to the Social Security and National Insurance Trust (SSNIT) to proceed with its ongoing negotiations with Rock City over the sale of four hotels.

This is according to the Minister of Employment and Labor Relations, Ignatius Baffour Awuah.

SSNIT was initially suspended from engaging with Rock City Limited as the strategic investor in the sale of its four hotels by the NPRA, pending the provision of full documentation related to the sale of the hotels.

The four hotels include Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.

Answering an urgent question on the floor of Parliament, the Minister of Employment and Labor Relations, Ignatius Baffour Awuah, revealed that the National Pensions Regulatory Authority is satisfied with the documents and has asked SSNIT to proceed with the sale negotiations with the selected bidder.

“Yes, it is true that NPRA issued a directive, but I would appreciate it if my colleague would read the directive from NPRA. It stated that all information related to the sale of the hotels was needed, which SSNIT has provided. It’s not a directive that SSNIT should not proceed, but rather, yes, so as a minister, I can tell you on authority that NPRA has indicated that they have seen the process and think that SSNIT can proceed.”

Story by Nana Kwaku Boffah