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The Minister for Employment and Labor Relations, Ignatius Baffour Awuah has said the National Pensions Regulatory Authority (NPRA) has granted Social Security and National Insurance Trust (SSNIT) the green light to continue with its ongoing negotiations with Rock City over the sale of 60 percent shares in four hotels.
He explained that SSNIT initially suspended its engagement with Rock City Limited as the Strategic Investor in the sale of its 60 percent shares in the four hotels by the NPRA pending a provision of a full document in relation to the sale of the shares.
The four hotels are Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.
The Minister made this known on the floor of Parliament when he was answering an urgent question filed MP for North Tongu, Samuel Okudzeto Ablakwa.
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 the Minister claims that SSNIT has now been given the clearance by NPRA to continue with the negotiations.
“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 that.”
