July 24, 2024

The sale of Social Security and National Insurance Trust (SSNIT) hotels to Rock City Hotel, owned by the Food and Agriculture Minister, Bryan Acheampong is in limbo as the National Pensions Regulatory Authority (NPRA) has ordered the SSNIT to suspend the sale of the hotels.

NPRA in a statement signed on June 28, the NPRA Chief Executive, John Kwaning Mbroh stated that SSNIT should suspend the sale of the hotels for other documents evaluation.

“As you may be aware, Section 67(2) of the Act requires us to issue relevant guidelines to guide your investment decisions. In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to  engage Rock City Horal Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels.” Part of the statement read.

The four hotels are La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Hotel and Trust Lodge.

Okudzeto Ablakwa and other leading NDC members have accused the Agric Minister of engaging in conflict of interest business through his Rock City Hotel to buy the SSNIT shares.

BELOW IS THE FULL STATEMENT

SALES OF HOTELS OWNED BY THE TRUST

We write to acknowledge receipt of the documents submitted to us on 7th June, 2024 in response to our request for information on the Trust’s intention to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the four (4) hotels, namely La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Hotel, Trust Lodge owned by the Social Security and National Insurance Trust (SSNIT).

In assisting the Authority to have a better understanding of the facts associated with the sale and the pending negotiations to engage Rock City Hotels Limited as the Strategic Investor, you and your team appeared before the Board of the Authority at their meeting held on Tuesday, 25th June, 2024 to further provide insights on the subject, albeit inconclusive. The Authority appreciates the efforts and commitment demonstrated so far by your good self and your team to assist us make the neccessary determination on the matter, pursuant to our function under Section 7(g) of the National Pensions Act, 2008 (Act 766) that mandates us to “regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)”.

As you may be aware, Section 67(2) of the Act requires us to issue relevant guidelines to guide your investment decisions. In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to  engage Rock City Horal Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels.

The Authority, in addition to the evaluation of the documents submitted to us, is engaging the Minister for ensions and relevant stakehoolders on the subject matter.

Further directives shall be issued to you on the subject matter as soon as we conclude our engagenmentsand the evaluation of the relevant facts associated with the the subject matter.

We are counting on your usual co-operation.

Thank you

YoSource: Elvisanokyenews.com.

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