Audio: NPRA Has Cleared SSNIT To Sell Its 60% Shares In 4 Hotels – Employment Minister Tells Parliament

Minister for Employment, Labour Relations, and Pensions, Ignatius Baffuor Awuah has told Parliament that the National Pensions Regulatory Authority (NPRA), has cleared SSNIT to proceed with its controversial plan to sell four hotels to Bryan Acheampong’s Rock City Hotel.

The NPRA had asked the Social Security and National Insurance Trust (SSNIT) to put on hold the transaction after significant public opposition.

But responding to questions in Parliament on Thursday, July 11, the Minister further explained the reasons for the intended sale.

According to him, NPRA issued the initial directive because it wanted to be furnished with all the details of the sale.

He added, “So, as I Minister, I can tell you on authority that NPRA has since indicated that they had seen the processes and they think that SSNIT can go ahead.”

The Employment Minister noted that SSNIT’s decision to offload 60% of its stake in the four hotels is not an isolated decision but part of its broader strategy to improve investment performance.

Mr Awuah asserted that the decision also aligns with the primary goal of the scheme.

“The primary goal of the scheme is to provide monthly pensions and related benefits to workers in Ghana ensuring their retirement income security.

“SSNIT’s decision to digress is also supported by its funding and investment objectives.”

He further highlighted that SSNIT has been implementing several strategic measures in pursuance of its objectives, including re-balancing investments portfolio, increasing investment in fixed income, decreasing equity exposure, and restructuring non-performing investments among others.

 

 

Meanwhile, some sections of the public as well as civil society organisations are against the sale of the hotels.

 

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