This is a significant first victory – Ablakwa responds to NPRA’s order to SSNIT to suspend hotel sales

North Tongu MP Samuel Okudzeto Ablakwa has welcomed the directive of the National Pensions Regulatory Authority (NPRA) to the board of the Social Security and National Insurance Trust (SSNIT) to suspend the sale of the hotels to Bryan Acheampong.

The NPRA had directed the SSNIT to facilitate the examination of the petition filed by Mr Ablakwa.

In a letter to the SSNIT board, the NPRA said: “As you may be aware, Section 67(2) of the Act requires us to issue relevant guidelines to guide your investment decisions. In compliance with this requirement, you are hereby directed by the Board of the Authority to take all necessary steps to engage Rock City Hotel Limited as a strategic investor for the sale of the above hotels.”

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Reacting to the matter, Mr Ablakwa wrote on X: “The power of the masses is at work! The National Pensions Regulatory Authority orders SSNIT to suspend the sale of our hotels to Rock City. A significant first victory but the battle is not over – more vigilance and even more resistance is needed. State capture must be defeated!”

Below is the full letter from the NPRA…

We hereby acknowledge receipt of the documents sent to us on 7 June 2024 in response to our request for information regarding the Trust’s intention to engage Rock City Hotel Limited as a strategic investor for the sale of the following (4) hotels: La Palm Royal Beach Hotel, Elmira Beach Resort, Busua Beach Resort, Ridge Royal Hotel and Trust Lodge owned by the Social Security and National Insurance Trust (SSNIT).

To help the Authority better understand the facts surrounding the sale and the upcoming negotiations to bring in Rock City Hotels Limited as a strategic investor, you and your team appeared at the Authority’s Board meeting on Tuesday, 25 June 2024 to provide further, albeit inconclusive, insights on the subject.

Get out of the hotels – SSNIT CEO writes

The Authority appreciates the efforts and commitment you and your team have shown to date in helping us to make the necessary decision on this matter, in accordance with our role under section 7(g)(a) of the National Pensions Act 2008 (44 766) which mandates us to “regulate and oversee the implementation of the Basic National Social Security Scheme (BNSSS)”.

As you may be aware, Section 67(2) of the Act requires us to issue relevant guidelines to assist you in your investment decisions. In compliance with this requirement, you are hereby directed by the Board of the Authority to take all necessary steps to engage Rock City Hotel Limited as a strategic investor for the sale of the above hotels.