The Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa has commended the National Pensions Regulatory Authority (NPRA) for directing the Social Security and National Insurance Trust (SSNIT) to halt its negotiations with Rock City over the sale of four hotels. Ablakwa views this directive as an “initial victory” for the people of Ghana.
SSNIT had been considering Rock City Limited as the Strategic Investor for the sale of the Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.
However, on June 28, the NPRA instructed SSNIT to suspend all processes related to this engagement, citing the need to issue relevant guidelines for investment decisions as required by section 67 (2) of the National Pensions Act.
On Friday, June 28, the NPRA communicated to SSNIT that “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”
“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”
In an interview on Citi FM’s Eyewitness News, Mr. Ablakwa acknowledged the importance of this development but stressed that the ultimate goal is to cancel the deal entirely.
He expressed satisfaction that the collective efforts of various stakeholders, including organized labor, civil society organizations, traditional leaders, and academia, had led to this suspension.
He criticized SSNIT for its initial defiance and emphasized the widespread opposition to the deal, which he believes is not in the national interest and fails to meet conflict of interest standards.
“This development is a very significant one. I will call this an initial victory for the masses of our country. All along SSNIT has been defiant even when I petitioned CHRAJ, I intercepted documents that proved that they were going ahead full speed, neck-breaking speed to finalise this deal and that is why we had to mobilise and hit the streets and stage the ‘Hands Off Our Hotels’ demonstration last week the 18th of June.”
“I am glad that finally the resistance of the people, the voice of the people and in this matter the overwhelming majority of Ghanaians were very emphatic from organised labour, civil society organisations, the chiefs of La, the chiefs of Ga Mashie and every Ghanaian including those in academia were very very unequivocal that this deal stinks to the high heavens.
“It did not make sense, it did not meet conflict of interest standards. This deal was not in the national interest and yet SSNIT was defiant…what we want is a cancellation of this deal,” he added.