SSNIT has to suspend investment plans for Rock City

The National Pensions Regulatory Authority (NPRA) has ordered the Social Security and National Insurance Trust (SSNIT) to abandon plans to engage Rock City Limited as a strategic investor in four SSNIT-owned hotels.

The aim of this Directive is to provide the NPRA with the opportunity to exercise its due diligence in the context of the public debate on this issue.

In a letter dated June 28, 2024, NPRA CEO John Kwaning Mbroh stated: “Section 67(2) of the Act requires us to issue guidelines for your investment decisions. Therefore, you are directed to suspend all processes involving Rock City Hotel Limited as a strategic investor for these hotels.”

The hotels affected are La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel and Trust Lodge.

Meanwhile, MP for North Tongu, Samuel Okudzeto Ablakwa, recently led a protest against the sale of SSNIT hotels to the Minister of Food and Agriculture, Dr. Bryan Acheampong, who owns Rock City Hotel Limited.

The aim of the protest is to put pressure on the government to stop the planned sale of a 60 percent stake in these four hotels.

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