Samuel Okudzeto Ablakwa, the Member of Parliament (MP) for North Tongu, has praised the National Pensions Regulatory Authority’s (NPRA) directive to the Social Security and National Insurance Trust (SSNIT).

NPRA, asked SSNIT to suspend all negotiations geared at selling its hotels to Rock City.

Okudzeto Ablakwa, had raised issues of conflict of interest in the sale of 60percent shares in Labadi Beach Hotel, La Palm Royal Beach Resort, Ride Royal Hotel, and Elmina Beach Resort to Bryan Acheampong’s Rocky City Hotel.

The directive calls for the suspension of ongoing negotiations with Rock City over the sale of four hotels, a move Ablakwa describes as an “initial victory” for Ghanaians.

Currently, SSNIT is considering Rock City Limited as the Strategic Investor for the sale of its four properties: Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort, and Ridge Royal Hotel.

On Friday, June 28, the NPRA communicated to SSNIT in a letter signed by its chief executive John Kwaning Mbroh that “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”

“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”

Bryan Acheampong, the MP for Abertifi–Kwahu in the Eastern Region, has insisted he has done no wrong distancing himself from the day-to-day operations of Rock City Hotel.

He said although he owns the company, he does not involve himself in the decisions that they take.

In an interview with Umaru Sanda Amadu on Eyewitness News on Citi FM, Mr Ablakwa, acknowledged the significance of the development but emphasised that their ultimate goal is the cancellation of the deal.

“This development is a very significant one. I will call this an initial victory for the masses of our country. All along SSNIT has been defiant even when I petitioned CHRAJ, I intercepted documents that proved that they were going ahead full speed, neck-breaking speed to finalise this deal and that is why we had to mobilise and hit the streets and stage the ‘Hands Off Our Hotels’ demonstration last week the 18th of June.”

“I am glad that finally the resistance of the people, the voice of the people and in this matter the overwhelming majority of Ghanaians were very emphatic from organised labour, civil society organisations, the chiefs of La, the chiefs of Ga Mashie and every Ghanaian including those in academia were very very unequivocal that this deal stinks to the high heavens.

“It did not make sense, it did not meet conflict of interest standards. This deal was not in the national interest and yet SSNIT was defiant…what we want is a cancellation of this deal,” he added.

The Social Security and National Insurance Trust (SSNIT) has also denied any foul play in its decision to sell a 60% stake in its hotels to Rock City Hotel.

However, in a letter addressed to SSNIT NPRA stated “As you may be aware, section 67 (2) of the [National Pensions] Act requires us to issue relevant guidelines to guide your investment decisions.”

“In furtherance of this requirement, you are hereby directed by the Board of the Authority to suspend all the processes seeking to engage Rock City Hotel as the Strategic Investor in a matter of the sale of the above hotels.”

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