Hon. Samuel Okudzeto Ablakwa, the Member of Parliament for North Tongu, has submitted a Right to Information request, seeking responses to five fundamental issues from the National Pensions Regulatory Authority (NPRA).
This comes after the Employment Minister stated in Parliament on 11th July 2024 that the NPRA completed its review in less than two weeks and gave approval for the controversial SSNIT-Rock City hotel sales deal, which has been plagued by scandal.
“Kindly take note that this is a Right to Information Request pursuant to Article 21(1) (f) of the Constitution of Ghana, 1992, and the Right to Information Act, 2019 (Act 989)”.
“The Honorable Minister responsible for Employment and Labor Relations, Mr. Ignatius Baffour-Awuah, yesterday the 11th of July, 2024, informed Parliament in response to urgent questions I filed, that your outfit has granted approval to the Social Security and National Insurance Trust (SSNIT) to proceed with the sale of 60% shares in Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal Hotel, Elmina Beach Resort, Busua Beach Resort and Trust Lodge Hotel to Rock City Hotel Limited owned by the Minister for Food and Agriculture. Hon. Bryan Acheampong”.
Hon. Samuel Okudzeto Ablakwa
The MP noted that this rather startling piece of information from the Employment Minister comes less than two weeks after the NPRA instructed SSNIT on June 28, 2024, to suspend the processes leading to the sale of the four hotels to Rock City.
He further indicated that the NPRA also instructed SSNIT to submit all relevant documents on the transaction to the NPRA as the regulator.
Hon. Ablakwa, prompted by the puzzling circumstances and a commitment to transparency and accountability to the Ghanaian public, sought confirmation on whether the NPRA had authorized SSNIT to sell the four hotels to Rock City Hotel Limited, a company owned by Hon. Bryan Acheampong, the Minister for Food and Agriculture.
He also sought a copy of the NPRA’s review report on the transaction in question, which was reportedly completed in a span of less than two weeks.
The astute MP further demanded that NPRA explain the basis for its conclusion, assuming the Minister for Employment and Labor Relations’ assertion is true.
Ablakwa Seeks NPRA’s Response To Transaction Advisor’s Report
Furthermore, Hon. Samuel Okudzeto Ablakwa asked how the NPRA had addressed the serious concerns raised in the report prepared by Dr. Sam Mensah of SEM Capital, the Transaction Advisor, and presented to the SSNIT Board on May 24, 2024.
He requested that the NPRA explain how it addressed the concern that SSNIT had considered Rock City’s proposal to pay only half of the $61.20 million bid amount immediately and defer the remaining balance for 24 months, which contradicts SSNIT’s procurement objectives.
The MP also asked how the NPRA had addressed the concern that Rock City was given a preferential two-year installment arrangement, which was not offered to other bidders, indicating bias and a manipulated procurement process aimed at achieving a predetermined outcome.
“The Rock City’s proposal does not include a bank guarantee”. – Hon. Samuel Okudzeto Ablakwa
“[How] Rock City did not demonstrate cash reserves to support the installment payments. Rock City’s financials cannot support their installment proposal to make periodic payments of US$7.8million (GHS109.7million). There is no indication of ability to pay on the part of Rock City. f. That the Rock City offer violates SSNIT’s TOR for the transaction”.
Hon. Samuel Okudzeto Ablakwa
Likewise, Hon. Ablakwa questioned How the NPRA determined that this transaction does not offend conflict of interest provisions contained in the 1992 Constitution
He also asked how NPRA verified Rock City’s tax clearance certificate, a pre-qualification requirement, given the company’s failure to file tax returns in 2021 and 2022.
As such, Ablakwa stated that after completing their ongoing consultations with their partners and fellow citizens, he and his comrades will soon unveil a series of unwavering actions to intensify the national outcry against the egregious deal between SSNIT and Rock City.
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