A professor at the University of Ghana Business School, Lord Mensah has told the board of the Social Security and National Insurance Trust (SSNIT) to heed the directive by the National Pensions Regulatory Authority (NPRA) to suspend moves to sell the hotels to Agric Minister Bryan Acheampong.
He says that once the regulator has come in to say they are looking into the matter, it is only appropriate that SSNIT suspends the move.
“SSNIT must go by the NPRA directive,” he said on the New Day show on TV3 on Monday, July 1.
The directive to SSNIT to suspend the sale is to enable the NPRA to look into the petition filed against the move to sell the hotels, the authority said last week.
The directive came after North Tongu lawmaker Samuel Okudzeto Ablakwa petitioned the NPRA against the sale of the hotels.
In a letter to the board of SSNIT, the NPRA said “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 t spend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels.”
Reacting to this matter, Mr Ablakwa wrote on X “The Power of the masses at work! National Pensions Regulatory Authority orders SSNIT to suspend sale of our hotels to Rock City. A significant initial victory but the battle is not over — more vigilance and even more resistance required. State Capture shall be defeated!”
Below is the NPRA’s full letter…
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 f.r (4) hotels, namely La Palm Royal Beach Hotel, Elmira Beach Resort, Busua Beach Resort, Ridge Royal 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 SUategic 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 necessary determination on the matter, pursuant to our function under Section 7(g) a the National Pensions Act, 2008 (44 766) 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 t spend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels.
