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
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