Organised Labour is set to hold an emergency meeting today to determine its response following the National Pensions Regulatory Commission’s (NPRA) approval for the sale of SSNIT shares in six hotels.
The NPRA had previously directed SSNIT to suspend negotiations with Rock City regarding the sale of four hotels, pending further evaluation and engagement.
However, Pensions Minister Ignatius Baffour Awuah informed Parliament on Thursday, July 11, that all due processes had been adhered to.
Awuah clarified that the NPRA had requested additional information on the sale, which SSNIT had provided.
He confirmed that the NPRA, as the regulatory authority, had reviewed the documentation and approved SSNIT to proceed with the sale.
The minister outlined the reasons behind SSNIT’s decision to sell its 60 percent shares in the hotels. He explained that after multiple unsuccessful attempts at restructuring, selling the shares was deemed the most viable solution to prevent further depletion of resources and to attract private investment.
Awuah noted that while some investments were making low returns or losses, others were profitable but with low returns.
He asserted that selling the shares was a strategic decision to improve the overall performance of SSNIT’s hotel investment portfolio.
The outcome of Organised Labour’s emergency meeting will likely influence the next steps regarding the sale of SSNIT’s hotel shares.
