The directive, revealed in a letter, follows a thorough review of documentation provided by SSNIT. The NPRA expressed concerns over making Rock City Hotel Limited the 'strategic investor' for La Palm Royal Beach Hotel, Elmina Beach Resort, Busua Beach Resort, and Ridge Royal Hotel.
“In assisting the Authority to have a better understanding of the facts associated with the sale and the pending negotiations to engage Rock City Hotels Limited as the Strategic Investor, you and your team appeared before the Board of the Authority at their meeting held on Tuesday, 25 June 2024, to further provide insights on the subject, albeit inconclusive. The Authority appreciates the efforts and commitment demonstrated so far by yourself and your team to assist us in making the necessary determination on the matter, pursuant to our function under Section 7(g) of the National Pensions Act, 2008 (Act 766), which mandates us to 'regulate and monitor the implementation of the Basic National Social Security Scheme (BNSSS)',” the letter said in part.
The authority emphasised that this decision aligns with its mandate to oversee and guide the Trust's investment decisions, as per the National Pensions Act, 2008 (Act 766).
The letter, dated 28 June 2024, highlighted that the NPRA had sought additional insights from SSNIT at a meeting on 25 June 2024. While the discussions were comprehensive, they remained inconclusive. The NPRA acknowledged the efforts made by Osafo-Maafo and his team in assisting with the evaluation of the proposed sale.
Additionally, the NPRA cited Section 67(2) of the Act, which requires the Authority to issue guidelines for investment decisions, thereby justifying the suspension of negotiations with Rock City Hotel Limited.
“As you may be aware, Section 67(2) of the 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 processes seeking to engage Rock City Hotel Limited as the Strategic Investor in the matter of the sale of the above-mentioned hotels,” the NPRA letter added.
Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, celebrated this directive as a triumph on social media. He described it as a “significant initial victory” in the fight against what he termed “state capture,” urging continued vigilance and resistance.
Ablakwa has been vocal about alleged state capture, particularly criticising the involvement of government officials in privatising state assets. He organised a demonstration called "Hands Off Our Hotels" in Accra to oppose the sale of the SSNIT hotels’ shares.
This development marks a critical juncture in the ongoing scrutiny of government dealings with state assets, reflecting broader public sentiment and demands for transparency and accountability in such transactions.