Rock City Withdrew Its Bid To Purchase 60% SSNIT Stake In 4 Hotels

The Rock City Hotel has pulled out of its contentious offer to purchase 60% of Social Security and National Insurance Trust’s  (SSNIT) stake in four hotels.

This comes after organised labour declared an indefinite strike action following the National Pensions Regulatory Authority’s (NPRA) approval giving clearance to SSNIT, to proceed with its plan to offload part of its stake in the facilities.

According to the Secretary General of the Trades Union Congress (TUC), Dr Yaw Baah, the Union does not understand why the NPRA would allow SSNIT to proceed with the deal without further engagement after it initially ordered SSNIT to halt the procedure.

As such, TUC has directed its members to lay down their tools effective Monday, July 15.

Addressing the media on July 12, Dr Baah said “From Monday 15 of July 2024, all workers in Ghana must not go to work until SSNIT publicly announces the termination of the process for the sale of its shares in the hotels.”

In a statement on Friday, the hotel’s management indicated that “Flowing from all the commentary monitored and the undue negativity that has attended this commentary, we feel you have not done enough to engage all your stakeholders, leading to perceptions that we don’t want to be associated with our brand.”

“We believe that such negativity is not only injurious to our brand but also jeopardises the success of the investment we intend to make in these hotels.”

On the back of this, Rock City has informed SSNIT “of our decision to withdraw our bid and discontinue our pursuit of this investment opportunity.”

 

 

Read the full statement released by Rock City Hotel below

 

 

 

 

 

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