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NPRA has given SSNIT the green light to sell 60% stake in its hotels – Ignatius Baffour Awuah reveals

Headlines Minister of Employment and Labour Relations, Ignatius Baffour Awuah File Photo
THU, 11 JUL 2024 2
Minister of Employment and Labour Relations, Ignatius Baffour Awuah [File Photo]

Minister of Employment and Labour Relations, Ignatius Baffour Awuah has disclosed that the Social Security and National Insurance Trust (SSNIT) has been cleared by the National Pensions Regulatory Authority (NPRA) to proceed with the sale of its hotels to a private investor.

SSNIT received a lot of backlash from the public in June after it was revealed that it was in the process of selling a 60% stake in four of its hotels including Labadi Beach Hotel to Rock City Hotel Ltd, owned by the Minister of Food and Agriculture, Bryan Acheampong.

Amid the outrage expressed by Ghanaians, the National Pensions Regulatory Authority issued a statement and directed SSNIT to stop the process.

“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 the matter of the sale of the above-mentioned hotels,” NPRA Chief Executive, John Kwaning Mbroh said in a statement on June 28.

After weeks, Ignatius Baffour Awuah has told Parliament today that NPRA is satisfied after studying the documents on the proposed sale.

He said SSNIT has been given the green light by NPRA to continue the process for the sale of the hotels to a private investor.

“Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read the directive from NPRA. It said it needed to be finished with all information relating to the sale of the hotels, which SSNIT has since done that.

“So, it wasn’t like a direct something that SSNIT should not go ahead to do anything, but then, SSNIT can only go ahead when NPRA, which is the regulator within the field, had actually certified that they have seen all the documentation and the processes, and they think that we are good to go.

“Yes, so, as a Minister, I can tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead,” Ignatius Baffour Awuah said.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

News JournalistPage: eric-nana-yaw-kwafo

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Comments

Nana K Duah | 7/11/2024 10:05:09 PM

It is unpleasant to have the assets of the state given out to private investors, but this isn't something new. The sad thing is that, private entities make profits and the government earns taxes from such, but the same institutions/assets in the hands of the state are run at losses. This is where we need to note and learn from, and advise ourselves when we work in the public sector. I can write volumes about this, but the bottom line is that SSNIT as an entity, needs to protect the purse of the ...

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