The minister for employment and labor relations, Mr Ignatius Baffour Awuah has said, the national Pensions Regulatory Authority (NPRA) has given greenlight to the Social Security and National Insurance Trust (SSNIT) to continue with its ongoing negotiations with Rock City over the sale of 60 percent shares in four hotels.

He explained that, SSNIT initially suspended its engagement with Rock City Limited as the Strategic Investor in the sale of its 60 percent shares in the four hotels by the NPRA pending a provision of a full document in relation to the sale of the shares.

The four hotels which include Labadi Beach Hotel, La Palm Royal Beach Hotel, Elmina Beach Resort and Ridge Royal Hotel.

The minister made this known on the floor of Parliament when he was answering an urgent question filed by MP for north Tongu, Mr Samuel Okudzato Ablakwa.

However, according to the Labour Minister, the NPRA’s approval indicates that the necessary due diligence has been conducted, and the transaction can proceed. The Minister emphasized the importance of the sale in boosting the country’s tourism industry and generating revenue for the nation.

SSNIT and Rock City will now continue negotiations, with the aim of finalizing the sale in the coming weeks. The Labour Minister has assured the public that the government will ensure transparency and accountability throughout the process.

This development marks a significant step forward in the transaction, and stakeholders are eagerly awaiting the outcome. The sale is expected to have a positive impact on Ghana’s economy and tourism sector.