The National Pensions Regulatory Authority (NPRA) has given the green light for the Social Security and National Insurance Trust (SSNIT) to proceed with the sale of its 60% shares in four hotels.
This announcement was made by the Minister of Employment and Labour Relations, Ignatius Baffour Awuah, who confirmed in Parliament that SSNIT had fulfilled all necessary procedures and documentation as required by the NPRA.
“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,” the Minister addressed.
The approval comes after the NPRA had previously instructed SSNIT to pause negotiations with Rock City, pending a thorough evaluation and discussions.
Minister Baffour Awuah elaborated on the rationale behind the sale, stating that the decision was strategic after multiple restructuring efforts proved insufficient. He noted that selling 60% of SSNIT’s shares was seen as the most viable solution to prevent further resource depletion and to introduce private sector participation.
The Minister emphasized that while some of SSNIT’s investments in hotels were generating low returns or losses, even those that were profitable had lower rates of return, making the sale a necessary move for the trust’s financial health.
