The National Pensions Regulatory Authority (NPRA) has ordered the Social Security and National Insurance Trust (SSNIT) to suspend the controversial sale of its stake in some four hotels.
This is to allow the Authority to properly evaluate the document associated with the sale of the hospitality facilities.
In a statement signed on June 28, the NPRA Chief Executive, John Kwaning Mbroh directed that “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.”
This comes a week after hundreds of demonstrators gathered at the Labadi Beach Hotel for the “Hands Off Our Hotels” demonstration.
The main objective of the protest is to exert pressure on the government to immediately halt the proposed sale of a 60 percent stake in four prominent hotels.
This company is reportedly owned by Bryan Acheampong, Ghana’s Minister for Food and Agriculture.
The hotels in question include the Labadi Beach Hotel, La Palm Royal Beach Resort, Elmina Beach Resort, and Busua Beach Resort.
North Tongu MP and the organiser of the protest, Samuel Okudzeto Ablakwa argued that the sale of state-owned properties to government officials constitutes a clear abuse of power that should not be tolerated.
The NPRA says SNNIT on June 24 appeared before the Board of the Authority at their meeting “to further provide insights on the subject, albeit inconclusive.”
While acknowledging the commitment on SSNIT’s part, the NPRA Board took the fresh decision to pause the sale in order to help them issue relevant guidelines on the way forward in line with the National Pensions Act.
