The Minister of Employment and Labour Relations, Ignatius Baffour Awuah, has announced that the National Pensions Regulatory Authority (NPRA) has given the green light for the sale of 60% of SSNIT’s shares in its hotel investment portfolio. The NPRA had earlier directed SSNIT to suspend negotiations with Rock City over the sale of four hotels, pending further evaluation and engagement.
However, the minister confirmed that all due processes have been complied with, and NPRA has certified that SSNIT can proceed with the sale. Awuah explained that NPRA’s initial directive was not a halt on the sale but rather a request for more information and documentation, which SSNIT has since provided.
The minister assured that NPRA has reviewed the processes and given its approval for the sale to proceed. The sale of SSNIT’s 60% shares in the hotels is a strategic decision aimed at preventing further depletion of resources and bringing in private participation.
According to Awuah, SSNIT’s hotel investment portfolio has been struggling, with some investments making low returns or losses. The sale of shares is seen as a viable solution to revamp the investments and bring in fresh capital.
The minister emphasized that the sale is a good business decision, as it will help optimize returns on investment and strengthen SSNIT’s financial position. With NPRA’s approval, SSNIT can now proceed with the sale of its shares in the four hotels, marking a significant step forward in its efforts to revamp its investment portfolio.
