Organised Labour has announced an emergency meeting today, Friday, 12 July 2024, to determine their next steps following the National Pensions Regulatory Authority’s (NPRA) approval of the sale of SSNIT shares in six hotels.

On June 28, the NPRA directed SSNIT to halt negotiations with Rock City regarding the sale of four hotels for further evaluation and engagement.

However, during a Parliamentary session on Thursday, July 11, Employment Minister Ignatius Baffour Awuah clarified that all necessary procedures had been followed.

“Yes, it is true that NPRA issued a directive, but I would appreciate it if my colleague read the directive carefully.

It stated that NPRA needed all information related to the sale of the hotels, which SSNIT has since provided,” Awuah explained.

He added, “It wasn’t a direct order to halt all activities; SSNIT can proceed once NPRA, as the regulator, has verified all documentation and processes and given the green light.”

Mr Awuah further justified the decision to sell SSNIT’s 60 percent share in the hotels, stating that “SSNIT considered the sale of shares in its hotel investment portfolio a strategic decision after multiple restructuring attempts proved insufficient.”

 He noted that selling 60-70% of its shares was deemed the most viable solution to prevent further depletion of resources and to bring in private participation.