SSNIT defends sale of six hotels amid public criticisms

The Social Security and National Insurance Trust (SSNIT) has responded to criticism over its decision to sell a 60% stake in six hotels, saying the move is aimed at increasing efficiency and long-term sustainability.

SSNIT said in statement available to Metro TV on Sunday, May 19, that it was seeking a strategic investor to raise capital and assist in managing the hotels, which are part of its investment portfolio.

According to the trust, it had followed international competitive tendering processes, as prescribed by law, and had shortlisted several firms before selecting Rock City Hotel which is solely owned by Dr. Brian Acheampong, the Member of Parliament for Abetifi Constituency, as the best bidder.

“Accordingly, SSNIT went through International Competitive Tendering (ICT) processes as prescribed by the Public Procurement Act, 2003 (ACT 663), as amended by ACT 914, for the selection of a strategic investor”

“The Trust commenced the process with the engagement of a Transaction Advisor through the ICT method of procurement, with publication of advertisements in the Daily Graphic on 14th November, 2018 and in the Ghanaian Times on 15th November, 2018. The advertisement was also published in an international magazine, The Economist in its January 5-11, 2019 edition”

“As of January 16th, 2019 deadline, fifteen (15) firms had expressed interest in submitting bids. Of these, six (6) were shortlisted and issued with Request for Proposal (RFP) documents”

“Approval was sought from the Central Tender Review Committee (CTRC) for the selection of a Transaction Advisor on 12th December, 2019 and that was granted on 24th December, 2019.”

“Following the selection of the independent Transaction Advisor to guide the selection of a Strategic investor amongst others, further advertisements for an Expression of Interest (EOI) for a Strategic Partner for the SSNIT Hotels were placed in the Daily Graphic on 3rd February, 2022 and in the Ghanaian Times on 7th February, 2022. The advertisement was also published in The Economist Magazine on 26th February, 2022”

“A total of nine (9) companies responded to the advertisements by submitting proposals on the 23rd March, 2022 deadline. Six (6) out of the nine (9) were then shortlisted and issued with Request for Proposal (RFP) documents”

“The qualifying firms were invited for the opening of their financial proposals. Based on the technical and financial evaluation, the Rock City Hotel emerged the best,” SSNIT explained in the statement.

This statement comes after the Member of Parliament for North Tongu Constituency, Samuel Okudzeto Ablakwa, criticized the trust’s decision during a discussion on Metro TV’s Good Morning Ghana programme.

SSNIT said it would not comment further due to an impending investigation by the Commission on Human Rights and Administrative Justice (CHRAJ).

The trust assured pensioners, contributors, and the public of its commitment to managing the scheme prudently for its long-term sustainability.

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