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Management of the Social Security and the National lnsurance Trust (SSNIT) has responded to comments by the National Democratic Congress (NDC)

By Mavis Paintsil and Josephine Tetteh

The Management of the Social Security and the National lnsurance Trust(SSNIT) has responded to comments by the National Democratic Congress (NDC), Mr Samuel Okudjeto Ablakwa.

Member of Parliament (MP) for North Tongu, on the sale of the hotels. It said the Trust commenced the process with the engagement of a Transaction Advisor through the ICT method of procurement, with the publication of advertisements in the National Dailies on 14th November 2018, and 15th November 2018. As of the January 16th, 2019, deadline, is firms had expressed interest in submitting bids of these, six were shortlisted and issues with request for proposal (RFP) documents it stated.

The statement said the attention of its management had been drawn to a discussion on the Accra- based Tv station that partly covered SSNIT’s strategic decision to divest 60 percent of its stake in the six hotels in its investment portfolio. The statement said the Trust Sought to partner with a strategic investor to raise capital to invest in the hotels and assist in their management. lt said the primary objective of finding a strategic investor was to increase efficiency, profitability, shareholder value and the long-term sustainability of the SSNIT Pension Scheme. lt noted that accordingly, SSNIT went through international competitive Tendering (ICT) processes as prescribed by the public procurement Act, 2003 (Act663), as amended by Act 914, for the selection of a strategic investor.

Approval was sought from the central Tender Review committee (CTRC) of the selection of a transaction Advisor on 12th December 2019 and that was granted on 4th December 2019.The statement said a total of nine companies responded to the advertisement by submitting a proposals on the 23rd of March 2022, the deadline. lt said six out of the nine were the shortlisted and issued with request for proposal (REP) documents. lt reiterated that the qualifying firms were invited for the opening of their financial proposals, based on the technical and financial evaluation the Rock City Hotel emerged as the best.

lt said bids for Busia Beach Resort and the Trust lodge were considered to be unsuccessful, so they were no longer part of the hotels covered in the process. It said the process getting a strategic investor is in its final stages and therefore not yet concluded. SSNIT further wishes to assure pensioners, contributors and the public of its commitment to managing the affairs of the Trust prudently for the sustainability of Pension Scheme, the statement said.

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