Orgnized labour to hold emergency meeting over NPRA authorization of SSNIT Hotels

Organized Labour in Ghana will have an emergency meeting today to consider its next course of action after the National Pensions Regulatory Commission (NPRA) approved the sale of SSNIT shares in six hotels. 

On June 28, the NPRA authorized SSNIT to pause negotiations with Rock City regarding the sale of four hotels pending further examination and engagement. 

However, in response to queries on the floor of Parliament on Thursday, July 11, Pensions Minister Ignatius Baffour Awuah stated that all necessary procedures had been followed.

"So, it wasn’t like a direct something that SSNIT should not go ahead to do anything, but then, SSNIT can only go ahead when NPRA, which is the regulator within the field, had actually certified that they have seen all the documentation and the processes, and they think that we are good to go.

“Yes, so, as a minister, I can tell you on authority that NPRA has since indicated that they have seen the processes, and they think that SSNIT can go ahead.”

He also explained why SSNIT sold its 60% stake in the motels.

"SSNIT considered only the sale of shares for its hotel investment portfolio as a strategic decision after multiple attempts at restructuring proved insufficient.

“70-60% of its shares are deemed the most viable solution to prevent further depletion of resources and to bring in private participation.”

“Is it a good business activity? Yes, I want to believe my colleague is listening to me fully, well because I answered by saying that some of the investments are either making low returns or making losses.

“So it is not in all cases that we are making losses, but even for those that are making profits, the returns are low" he remarked.

Florence Kyei/Lead News Online.