Publish outcome of your review of SSNIT hotels deal if it was transparent – Ablakwa to NPRA

Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, is demanding the publication of the National Pensions Regulatory Authority’s (NPRA) review of the sale of some four SSNIT hotels following revelations that the NPRA had given SSNIT the go-ahead to conclude the transaction.

The NPRA on June 28 issued a directive to the SSNIT board demanding it suspend all processes seeking to engage Rock City Hotel Limited as a strategic investor.

But answering a question on the floor of parliament today, July 11, Minister for Employment, Labour Relations and Pensions, Ignatius Baffour Awuah, disclosed that NPRA has given SSNIT the green light to proceed with the sale.

“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 furnished with all information relating to the sale of the hotels, which SSNIT has since done.”

“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,” he disclosed.

But reacting to these revelations to Starr News, Samuel Okudzeto Ablakwa, who has led the crusade against the sale, including leading the “Hands Off Our Hotels Demonstration,” has challenged the assertions by the minister.

“The Minister for Employment and Labor Relations is clearly taking the Ghanaian people for granted and he is underestimating our anger. How can the Minister tell us that the NPRA has given SSNIT a green light? As we speak, the transaction advisor, SEM Capital, led by Dr. Sam Mensa, has issued a damning verdict on this transaction. So what kind of review has the NPRA done?” he quizzed.

“Remember we paid good money to the transaction advisor? $491,000, which is over 7 million Ghana cedis. If they won’t listen to the transaction advisor, why are we spending so much money to obtain this advice from the transaction advisor? The transaction advisor is telling us that after reviewing this deal, they find that Rock City has made an offer that other businesses did not have. Rock City has been allowed to pay half and then spread the half over a 24-month period. And that is inside dealing, clear bias, clear discrimination. So, what kind of green light is the NPRA giving?” he added.

Samuel Okudzeto Ablakwa is therefore demanding a publication of the assessment report by the NPRA.

“We challenge the NPRA to publish the outcome of the review if they are proud of what they have done. If the review is superior to what the transaction advisor has done, if they know they have engaged in legitimate transparent work, they should publish the review that they have done, subject it to public scrutiny, and let us see that indeed this transaction is above board,” he is demanding.

“We are going to stage the biggest demonstration on this matter across the country. The resistance will continue. We will work with organized labor. There will be strikes. There is absolutely no way we are going to allow this obnoxious transaction to continue,” he concluded.