Plans for the Social Security and National Insurance Trust (SSNIT) to include Rock City Limited as a strategic investor in four SSNIT-owned hotels have been halted by the National Pensions Regulatory Authority (NPRA).
With the public discussion around the matter, this directive seeks to enable the NPRA to carry out due diligence.
John Kwaning Mbroh, CEO of NPRA, wrote in a letter dated June 28, 2024, “We are required by Section 67 (2) of the Act to provide guidance for your investment selections. You are therefore instructed to put a stop to any procedures that involve Rock City Hotel Limited, the hotels’ strategic investor.
La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel, and Trust Lodge are the hotels that are impacted.
Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, recently organized a demonstration against the sale of SSNIT’s hotels to Dr. Bryan Acheampong, the Minister of Food and Agriculture and owner of Rock City Hotel Limited.
The goal of the demonstration is to put pressure on the government to halt plans to sell these four hotels for $60 million.
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