The National Pensions Regulatory Authority (NPRA) has instructed the Social Security and National Insurance Trust (SSNIT) to halt its ongoing negotiations with Rock City regarding the sale of four hotels.
The Rock City Hotel is a company owned by the Minister of Food and Agriculture, who doubles as Member of Parliament (MP) for Abetifi, Bryan Acheampong.
SSNIT is currently in discussions with Rock City Limited to appoint them as the Strategic Investor for the sale of the following hotels: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.
In a letter dated Friday, June 28, the NPRA cited Section 67(2) of the National Pensions Act, which mandates them to issue guidelines to govern investment decisions.
“As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”
The NPRA also mentioned ongoing discussions with the Minister for Pensions and relevant stakeholders concerning this matter.
“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.”