NPRA directs SSNIT boss to suspend sale of hotel shares to Bryan Acheampong’s Rock City

The National Pensions Regulatory Authority has directed the Director-General of the Social Security and National Insurance Trust, Kofi Bosompem Osafo-Maafo, to suspend all processes for the sale of 60% shares of four hotels of the Trust to Rock City Hotel Limited, which is owned by the Minister for Food and Agriculture, Bryan Acheampong.

In a letter sighted by GhanaWeb, the authority indicated it was giving this directive after scrutinizing the documents SSNIT sent to it to advise on the Trust's intent to make Rock City Hotel Limited the 'strategic investor' in the four hotels, namely La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, and Ridge Royal Hotel.

The authority added that its directive to SSNIT is in line with its power to guide the Trust's investment decisions.

“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, June 25, 2024, to further provide insights on the subject, albeit inconclusive.

“The Authority appreciates the efforts and commitment demonstrated so far by yourself and your team to assist us in making the necessary determination on the matter, pursuant to our function under Section 7(g) of the National Pensions Act, 2008 (Act 766), which mandates us to 'regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)',” part of the letter which was dated June 28, 2024, reads.

It added, “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 processes seeking to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels.”

The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, who shared the letter on X, described the directive by the Pensions Regulatory Authority as a victory.

“The power of the masses at work! The National Pensions Regulatory Authority orders SSNIT to suspend the 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!” he wrote.

Over the past few weeks, the MP has accused members of the government of state capture.

He cited, for instance, the family of Freddie Blay, former New Patriotic Party National Chairman, and their ownership of the beachfront of the Labadi Beach Hotel, plus a deal to sell 60% shares of four hotels of the state-owned Social Security and National Insurance Trust (SSNIT) to the Minister for Food and Agriculture, Bryan Acheampong, as examples.

He organised a demonstration dubbed "Hands Off Our Hotels" in Accra to protest the sale of the shares of the SSNIT hotels.

View the post and the letter below:

BAI/NOQ

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