The
Minister
of
Employment
and
Labour
Relations,
Ignatius
Baffour
Awuah,
has
announced
that
the
National
Pensions
Regulatory
Authority
(NPRA)
has
approved
the
sale
of
60%
of
SSNIT’s
shares
in
its
hotel
investment
portfolio.
The
NPRA
on
June
28,
directed
SSNIT
to
suspend
its
negotiations
with
Rock
City
over
the
sale
of
four
hotels,
pending
further
evaluation
and
engagement.
Answering
questions
on
the
floor
of
Parliament,
the
sector
minister
confirmed
that
all
due
processes
have
been
complied
with.
“Yes,
it
is
true
that
NPRA
came
up
with
a
directive,
but
I
would
appreciate
it
if
my
brother,
my
colleague,
really
read
the
directive
from
NPRA.
It
said
it
needed
to
be
finished
with
all
information
relating
to
the
sale
of
the
hotels,
which
SSNIT
has
since
done
that.
“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
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
outlined
some
reasons
for
the
sale
of
SSNIT’s
60
percent
shares
in
the
hotels.
“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
rate
of
returns
is
lower.”
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