SSNIT saves GH₵500 million through improved internal controls

The Social Security and National Insurance Trust, SSNIT, has announced that it has since 2017 made a total savings of GHS512 million.

According to SNNIT, the amount was realized from strengthening a number of internal controls among others.

Speaking to Citi Business News on the sidelines of a Presentation of a Toyota Hilux pickup to the National Pensioners Association, NPA, the Director-General of SSNIT, Dr John Ofori-Tenkorang indicated that the company is committed to maximizing funds of contributors.

“To meet these obligations, we will continue to adopt innovative ways to grow the fund and carry out further cost-cutting measures. Already, we have made a total of over GHS512 million since 2017.”

“They include GHS246 million savings on legacy investment transactions, net savings of over GHS121 million on ICT support fees over the period. This was achieved through annual savings of $4,456,038.22 and GHS4,910,748. These savings will ultimately strengthen the scheme and contribute to its long term sustainability.”

The management of SSNIT made the presentation of the brand-new pickup at a short ceremony held at the SSNIT Pension House in Accra.

The presentation was in response to an earlier request by the NPA for the Trust to assist in addressing their transportation challenges.

Speaking during the brief event, Dr John Ofori-Tenkorang noted that the presentation was a demonstration of his outfit’s commitment to make the Pensioner the centre of all their activities.

He further guaranteed pensioners of prompt payment of their claims as has been the case.

“I want to reassure you, the executives of the NPA and your members across the country, that, as we have done in the past year, we will continue to pay your pensions without fail on the third Thursday of every month. I am told that one of most regular things in your lives as Pensioners, is the monthly SSNIT Pension. This tells me we are indeed living by our tag line: SSNIT, we deliver on our promise.”

In an interview with Citi Business News, acting General Secretary of the NPA, Steven Boakye commended the management of SSNIT for the gesture.

“Today, with great pleasure and promptness, SSNIT has donated to us a Toyota Hilux pickup to address our transportation challenge across the regions. We cannot thank them enough for their continuous support.”

 

Source: Citi Business News