NPRA directs SSNIT to suspend processes seeking to engage Rock City as strategic investor until...
The National Pensions Regulatory Authority (NPRA), has directed the Social Security and National Insurance Trust (SSNIT) to suspend all processes seeking to engage Rock City Limited as a strategic investor in four hotels owned by the SSNIT.
The directive, according to the NPRA is to enable it to do due diligence following the controversy and public debate on the move.
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The NPRA in a letter dated Friday, June 28, 2024, signed by its Chief Executive Officer, John Kwaning Mbroh, stated, "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 Hotel Limited as the Strategic Investor in matter of the sale of the above-mentioned hotels".
The four hotels are La Palm Royal Beach Hotel; Elmina Beach Resort; Busua Beach Resort, Ridge Royal Hotel, Trust Lodge
The North Tongu Member of Parliament, Samuel Okudzeto Ablakwa recently led a protest against the planned sale of the SSNIT hotels to the Minister of Food and Agriculture, Dr Bryan Acheampong, who is also the owner of the Rock City Hotel Limited.
The main objective of the protest is to exert pressure on the government to immediately halt the proposed sale of a 60 percent stake in four prominent hotels.