Kufuor calls on SSNIT to shift
from conserving to investing
Accra, Nov. 21, GNA -
President John Agyekum Kufuor on Tuesday asked the
Social Security and National Insurance Trust (SSNIT)
to open up and venture into strategic and profitable
investments to help to grow its capital and the
country's economy.
"The grounds are fertile enough to take confident
steps into the investment market," he said when
inaugurating the 13-member Board of Directors of the
Trust under the chairmanship of Mr John Saka Addo, a
Former Governor of the Bank of Ghana, at the Castle,
Osu.
He mentioned the roads, energy, water, housing and
communications sectors, as areas where it could
invest as the prospects looked good for higher
returns.
President Kufuor said SSNIT could do that by going
into partnership with those who would come in with
the know-how and competence.
Additionally, the Trust should accept the challenge
of assisting to empower the private sector to enable
it to become more vibrant by using its large equity
holdings in the banks to bring them together to
support the sector's growth.
Vice President Alhaji Aliu Mahama and some Ministers
of State were present at the inauguration, where the
new Board members took the Oath of Office and the
Oath of Secrecy, administered by the President.
President Kufuor suggested to the Board to ensure a
revamp of the Trust's Investment Department by
engaging crack and competent persons to work in that
department, pointing out that similar institutions
elsewhere were doing a lot in the areas of social
investment, something, SSNIT could also do.
He said he was happy with reports that the Trust was
now making prompt payment of pensions and asked that
it should continue to build on that to spare
pensioners the trauma and pain associated with
delayed payment of entitlement.
President Kufuor noted that SSNIT was a critical
partner of the State and as such it was in the
interest of the State that they worked together and
consulted on their shared vision to grow the capital
of the Trust.
He spoke highly of the outgoing Board for the
circumspection and wisdom brought into the
administration of the Trust, which has helped to
make SSNIT become more solid financially, saying the
Board did a very good job.
Mr Addo said the Board appreciated the level of
confidence the President had in the members and
would never betray it.
He said already the outgoing Board had put in place
some fundamental policies including placing funds in
the banks for on-lending to the private sector;
introduction of stakeholders forum where published
accounts of the Trust and reports of the Board are
openly discussed and the printing of the accounts of
all contributors to enable them to keep track of
their contributions annually.
He said there were also plans to introduce a scheme
that would suit the informal sector to help to
mobilise more resources from that sector.
The other members of the Board include Dr Rose
Karikari Annang, Executive Secretary of the Ghana
Employers' Association; Mr Kwasi Adu-Amankwah,
General-Secretary of the Trades Union Congress (TUC);
Mr Abraham Tetteh Okine also of the TUC; Alhaji
Yakubu Ziblim, Chairman of the Civil Servants'
Association; Mr W. Kusi Atansah, Former Chairman of
the National Media Commission, and Dr Mahamadu
Bawumia, Deputy Governor of the Bank of Ghana.
The other members are Dr Anthony Akoto Osei, Deputy
Finance Minister; Mr J.K Hackman, Member of
Parliament for Gomoa West; Mr T.K. Abubakar Biblazu
of the Ministry of Manpower, Youth and Employment;
Mrs Gina Ama Blay, Managing Director of Daily Guide;
Dr (Nana) E.O.T. Prempeh, Adontenhene of Kumasi
Traditional Council and Mr Kwasi Osei,
Director-General of SSNIT.
GNA
