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The Social Security and National Insurance Trust (SSNIT) has revealed that it has halted negotiations leading to the sale of a 60 per cent stake in some six hotels.
This is in line with a directive from the National Pensions Regulatory Authority (NPRA).
The Director General of SSNIT, Kofi Bosompem Osafo-Maafo disclosed this at a media engagement on the operations of the State Pension Trust.
He however added they will embark on more stakeholder engagement on the matter, to let all the partners and actors appreciate the need to reduce their interest in these hotels so they can get more from their investment in the sector.
Mr Kofi Bosompem Osafo-Maafo insisted that its stake in Labadi Beach Hotel has not been sold, adding even before this action by the National Pensions Regulatory Authority, negotiations had stalled, “on the payment model and other concerns that had come up.
The Director General of SSNIT added that these negotiations were done in good faith to ensure that they get the best out of SSNIT’s assets.
Asked whether SSNIT would have gone through the same route looking at the current challenges with the sale, the Director General said, “More engagement with all the interested parties would have helped to avoid all these current challenges.”
The Director maintained that “at a point in time, when assets are not performing a decision has to be taken, hence the need to sell some interest in these hotels.
“If anyone presents an offer that will help us get the best why don’t we take it “he noted.
NPRA’s instruction to suspend process
The Director General of SSNIT however described the letter coming from the National Pensions Regulatory Authority (NPRA) as surprising, looking at the fact that they had engaged them on these issues.
“We had met the Authority on all these issues only that our last meeting was inconclusive because we also had to go to the presidency for another stakeholder engagement with the Unions.
SOURCE: Joy Business
