The National Pensions Regulatory Authority (NPRA) has issued a directive to Kofi Bosompem Osafo-Maafo, Director-General of the Social Security and National Insurance Trust (SSNIT), ordering the suspension of all processes related to the sale of 60% shares in four hotels to Rock City Hotel Limited. Rock City Hotel Limited is owned by Bryan Acheampong, the Minister for Food and Agriculture.
Advertisement
The NPRA’s decision, communicated through a letter seen by GhanaWeb, comes after a thorough review of documents submitted by SSNIT regarding the proposed sale.
The authority emphasized its mandate to oversee and guide investment decisions of the Trust under Section 7(g) of the National Pensions Act, 2008 (Act 766).
“In light of our review and the ongoing negotiations with Rock City Hotels Limited as the Strategic Investor, you and your team appeared before the Board of the Authority to provide further insights,” the letter dated June 28, 2024, stated.
“However, in accordance with Section 67(2) of the Act, which requires us to issue guidelines on investment decisions, you are directed to suspend all processes related to engaging Rock City Hotel Limited in the sale of the aforementioned hotels.”
Advertisement
The directive follows public concerns raised by figures such as Samuel Okudzeto Ablakwa, Member of Parliament for North Tongu, who labeled the move a form of “state capture.”
Ablakwa highlighted similar controversial transactions involving government officials and called for vigilance against such actions.
The MP recently led a demonstration in Accra under the banner “Hands Off Our Hotels,” protesting the proposed sale of SSNIT’s hotel shares.
While welcoming the NPRA’s intervention as a “significant initial victory,” Ablakwa emphasized the need for continued scrutiny and resistance to prevent what he perceives as undue influence in public assets.
Leave a Reply