Pensions Regulatory Authority orders SSNIT boss to suspend sale of hotel shares to Bryan Acheampong’s Rock City

Samuel Okudzeto Ablakwa and Bryan Acheampong

The National Pensions Regulatory Authority has directed the Director-General of the Social Security and National Insurance Trust, Kofi Bosompem Osafo-Maafo, to stay all processes for the sale of 60% stake in four hotels of the trust to Rock City Hotel Limited, owned by the Minister of Food and Agriculture, Bryan Acheampong.

In a letter seen by GhanaWeb, the authority said it gave this instruction after careful consideration of the documents sent to it by the SSNIT informing it of the trust’s intention to make Rock City Hotel Limited the “strategic investor” in the four hotels, namely La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort and Ridge Royal Hotel.

The authority added that its instruction to SSNIT was consistent with its authority to guide the trust’s investment decisions.

“In order to assist the Authority to better understand the facts surrounding the sale and the upcoming negotiations to engage 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, insight into the matter.

“The Authority appreciates the efforts and commitment shown so far by you and your team in assisting us in taking the necessary decision on this matter, in accordance with our mandate under Section 7(g) of the National Pensions Act, 2008 (Act 766), which mandates us to ‘regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)’,” the letter dated June 28, 2024, said.

It continued: “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 stay all proceedings aimed at attracting Rock City Hotel Limited as a strategic investor for the sale of the above hotels.”

North Tongu MP Samuel Okudzeto Ablakwa, who shared the letter on X, described the Pensions Regulatory Authority’s order as a victory.

“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 fight is not over – more vigilance and even more resistance is needed. The state takeover must be defeated!” he wrote.

In recent weeks, the MP accused members of the government of taking over the state.

He cited as examples the family of Freddie Blay, former national chairman of the New Patriotic Party, which owns the beachfront section of the Labadi Beach Hotel, and a deal to sell 60 percent of the shares in four hotels owned by the state-owned Social Security and National Insurance Trust (SSNIT) to the Minister of Food and Agriculture, Bryan Acheampong.

He organised a demonstration in Accra entitled “Hands off our hotels” to protest against the sale of shares in SSNIT hotels.

Check out the post and letter below:

BAI/NOQ

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