This is a significant initial victory – Ablakwa reacts to NPRA’s directive to SSNIT to suspend sale of hotels

North Tongu lawmaker Samuel Okudzeto Ablakwa has welcomed the directive given to the board of the Social Security and National Insurance Trust (SSNIT) by the National Pensions Regulatory Authority (NPRA) to suspend the sale of the hotels to Bryan Acheampong.

NPRA had issued the directive to SSNIT to enable them to look into the petition filed by Mr Ablakwa.

In a letter to the board of SSNIT, the NPRA said, “As you may be aware, Section 67(2) of the Act requires us to issue relevant guidelines to guide your investment decisions. In furtherance of this requirement, the Board of the Authority hereby directs you to spend all the processes seeking to engage Rock City Hotel Limited as the strategic investor in the matter of the sale of the above-mentioned hotels.”

Reacting to this matter, Mr Ablakwa wrote on X, “The Power of the masses at work! The National Pensions Regulatory Authority orders SSNIT to suspend the sale of our hotels to Rock City. A significant initial victory, but the battle is not over—more vigilance and resistance are required. State Capture shall be defeated!”

Below is the NPRA’s full letter.

We write to acknowledge receipt of the documents submitted to us on June 7, 2024, in response to our request for information on the Trust’s intention to engage Rock City Hotel Limited as the strategic investor in the matter of the sale of four (4) hotels, namely La Palm Royal Beach Hotel, Elmira Beach Resort, Busua Beach Resort, Ridge Royal Hotel, and Trust Lodge, owned by the Social Security and National Insurance Trust (SSNIT).

In assisting the Authority to have a better understanding of the facts associated with the sale and the pending negotiations to engage Rock City Hotels Limited as the strategic investor, you and your team appeared before the Board of the Authority at their meeting held on Tuesday, June 25, 2024, to further provide insights on the subject, albeit inconclusive.

The Authority appreciates the efforts and commitment demonstrated so far by your good self and your team to assist us make the necessary determination on the matter, pursuant to our function under Section 7(g) a the National Pensions Act, 2008 (44 766) that mandates us to “regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)”.

As you may be aware, Section 67(2) of the 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 t spend all the processes seeking to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels