Organized Labor to hold emergency meeting as NPRA greenlights SSNIT Hotel share sale

Organized labor is convening an emergency meeting today July 12, 2024, to decide on their next steps following the National Pensions Regulatory Commission’s approval for the sale of SSNIT shares in six hotels.

NPRA initially instructed SSNIT to halt negotiations with Rock City regarding four of these hotels on June 28, pending further assessment and dialogue.

However, Employment Minister Ignatius Baffour Awuah informed Parliament on July 11 that all necessary procedures have been followed. He clarified that SSNIT has provided the NPRA with all required information, and the regulator has endorsed proceeding with the sale after evaluating the documentation and processes.

He also explained that SSNIT decided to sell 60 percent of its shares in these hotels due to strategic considerations, aiming to mitigate resource depletion and encourage private sector involvement.

He emphasized that while some investments yield low returns or losses, others remain profitable but with diminished returns.