NPRA Approves SSNIT’s Sale Of Hotel Assets To Bryan Acheampong’s Rock City Hotel
The Minister for Employment, Labour Relations, and Pensions, Ignatius Baffuor Awuah, has informed Parliament that the National Pensions Regulatory Authority (NPRA) has given the Social Security and National Insurance Trust (SSNIT) the green light to proceed with the sale of four hotels to Bryan Acheampong’s Rock City Hotel.
Initially, the NPRA had halted the transaction due to significant public opposition, seeking detailed information about the sale.
However, during a parliamentary session on Thursday, July 11, the Minister elaborated that the NPRA has now reviewed the sale process and is satisfied for SSNIT to continue.
“I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead,” he told the House.
He clarified that SSNIT’s decision to sell a 60% stake in the hotels is part of a broader strategy to enhance investment performance and aligns with the primary goal of providing pensions and related benefits to Ghanaian workers.
Mr. Awuah further emphasized that SSNIT is actively rebalancing its investment portfolio, increasing investments in fixed income, reducing equity exposure, and restructuring non-performing assets to meet its objectives.
“The primary goal of the scheme is to provide monthly pensions and related benefits to workers in Ghana ensuring their retirement income security. SSNIT’s decision to digress is also supported by its funding and investment objectives,” he added.
The approval by NPRA for SSNIT to go ahead with the sale of its stake in the four hotels is despite sections of the public and civil society organizations showing their opposition and disapproval of the transaction between SSNIT and Rock City Hotel.
