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The attention of the Management of Social Security and National Insurance Trust (SSNIT) has been drawn to a discussion on Metro TV’s Good Morning Ghana Programme on Friday, 17th May, 2024.

The discussion partly covered SSNIT’s strategic decision to divest 60% of its stake in the six (6) hotels in its investment portfolio.

The Management of SSNIT wishes to comment as follows:

1. The Trust is seeking to partner a strategic investor to raise capital to invest in the
hotels, and also assist in their management.

2. The primary objective of finding a strategic investor is to increase efficiency,
profitability, shareholder value, and the long-term sustainability of the SSNIT
Pension Scheme.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. Based on the criteria set out in the RFP, Rock City Hotel submitted the best
and strongest technical and financial proposal amongst those received.
Consequently, it is in negotiation with SSNIT to buy a 60% stake in each of the
four (4) hotels (Labadi Beach Hotel, La Palm Royal Beach Resort, Ridge Royal
Hotel and Elmina Beach Resort). Bids for Busua Beach Resort and the Trust
Lodge were considered to be unsuccessful so they are no longer part of the
hotels covered in this process.

11. The process of getting a strategic investor is in its final stages and therefore
not yet concluded.

12. It was mentioned on the Metro TV discussion that the Commission on Human
Rights and Administrative Justice (CHRAJ) has been petitioned to conduct a
full-scale investigation into the sale of SSNIT hotels.

13. Given the impending investigation by CHRAJ, Management of SSNIT will not
comment further. SSNIT will cooperate fully with CHRAJ throughout its
investigation process.

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 the Pension Scheme.

Thank you.