The sale of 60% of SSNIT shares in its hotel investment portfolio has been approved by the National Pensions Regulatory Authority (NPRA), according to Minister of Employment and Labor Relations Ignatius Baffour Awuah.
This comes after the NPRA ordered on June 28 that SSNIT halt talks with Rock City over the sale of four hotels while it conducted additional assessment and engagement.
But in response to inquiries on Thursday, July 11, on the floor of Parliament, Mr. Awuah stated that the NPRA had approved the sale of the hotels after the Authority was satisfied that SSNIT had followed all legal procedures.
“Yes, it is true that NPRA came up with a directive, but I would appreciate it if my brother, my colleague, really read the directive from NPRA. It said it needed to be furnished with all information relating to the sale of the hotels, which SSNIT has since done that.
“So, it wasn’t like a direct something that SSNIT should not go ahead to do anything, but then, SSNIT can only go ahead when NPRA, which is the regulator within the field, had actually certified that they have seen all the documentation and the processes, and they think that we are good to go.
“Yes, so, as a minister, I can tell you tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead.”
“SSNIT considered only the sale of shares for its hotel investment portfolio as a strategic decision after multiple attempts at restructuring proved insufficient. “70-60% of its shares are deemed the most viable solution to prevent further depletion of resources and to bring in private participation,” Minister of Employment and Labor Relations Ignatius Baffour Awuah said.
Ghana | Atinkaonline.com | Vivian Adu