- The NPRA initially blocked the sale, but now approves SSNIT to proceed
- The NPRA initially intervened by instructing SSNIT to halt negotiations with Rock City
- Organized Labour may debate the rationale behind this decision
Organised Labour has scheduled an emergency meeting today to strategize its response after the National Pensions Regulatory Authority (NPRA) gave the go-ahead for the sale of SSNIT shares in six hotels.
The NPRA issued a directive on June 28 instructing SSNIT to halt negotiations with Rock City regarding the sale of four hotels pending further review and discussions.
Responding to queries in Parliament, Pensions Minister Ignatius Baffour Awuah affirmed on Thursday that all necessary procedures had been followed.
“While NPRA initially issued a directive, SSNIT has complied by providing all relevant information regarding the hotel sales,” Awuah stated. “The NPRA has reviewed these documents and has indicated that SSNIT may proceed.”
He further elaborated on SSNIT’s decision to divest its 60% stake in the hotels, citing strategic reasons after unsuccessful restructuring attempts.
“We have considered selling shares in our hotel investments as a strategic move,” Awuah explained. “This decision aims to prevent further financial decline and encourage private sector participation.”
“In evaluating the profitability of these investments,” he added, “some have yielded low returns or incurred losses, making divestiture a prudent course of action.”
Organised Labour’s meeting is expected to address concerns over potential implications for workers and determine their course of action going forward.
