The National Pensions Regulatory Authority (NPRA) has issued a directive to the Social Security and National Insurance Trust (SSNIT) to suspend the sale of its hotels to Rock City Hotel Limited.
This decision follows a review of documents submitted by SSNIT regarding their intention to engage Rock City as a strategic investor for the sale of four hotels.
In a statement, it stated that, the hotels in question are La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, Ridge Royal Hotel, and Trust Lodge.
The NPRA acknowledged receipt of SSNIT’s documents on June 7, 2024, and noted the subsequent appearance of SSNIT’s team before the NPRA Board on June 25, 2024, to provide further insights into the proposed sale.
The NPRA’s directive is grounded in its mandate under Section 7(g) of the National Pensions Act, 2008 (Act 766), which tasks the Authority with regulating and monitoring the implementation of the Basic National Social Security Scheme (BNSSS).
The Authority referenced Section 67(2) of the Act, which requires the issuance of guidelines to steer investment decisions made by SSNIT.
The NPRA is currently conducting a thorough evaluation of the documents submitted by SSNIT and is also engaging with the Minister for Pensions and other relevant stakeholders.
Further directives will be issued once these engagements and evaluations are complete.
The NPRA emphasized its commitment to ensuring due diligence in this matter and looks forward to SSNIT’s continued cooperation.
Read full statement below:
