SSHFC IN GOOD STEAD

MD urges managers to keep up the momentum

The Social Security and Housing Finance Corporation is in good stead in terms of performance, in terms of how government thinks about the institution and in terms of corporate governance, Mr Tumbul Danso, Managing Director of the institution, reveals.

“In terms of performance, you will recall that during the 2010 budget speech the performance of the Corporation has been one of the best among the parastatals.  Two years ago, we made a surplus of over D97 million at the end of the year,” the managing director told the media practitioners on Thursday during a day-long sensitization organized by his institution for journalists from both the print and electronic media and held at their head office in Banjul.

He said the ‘wonderful performance’ of the Corporation has been recognized by the government in the sense that about two years ago “we were paid a national bonus payment of three months because we have this bonus agreement that we have entered into with the government”.  At the end of every year the Corporation is assessed and bonus is paid base on performance, which is a demonstration of the wonderful performance of the institution.  

The 2010 budget statement has indicated that the consolidated gross income of the Corporation increased from D268.7 million in 2007 to D502.05million in 2008 while recurrent expenditure increased from D98.7 million to D255.33 million. Thus, the corporation recorded a consolidated Net Surplus of D97.1 million. Total Net Assets grew from D3.09 billion in 2007 to D3.5 billion in 2008.

MD Danso explained that a couple of years back the Corporation was also promoted by the government from being category three institution to category one institution.

He said in terms of corporate governance, they continue to manage the affairs of the Corporation to the best of their abilities.

“All these has gone to demonstrate that the Corporation is in good stead in terms of performance, in terms of how government things about us,” the Managing director noted. “So I will definitely urge the managers of different section of the Corporation to ensure that they keep up the strength to make the Corporation reaches higher heights.”

He said: “We want to make sure that we keep ourselves involved in all the best practices just like it is done in other advance countries.  I believe if other countries can do it, we in Africa can also improve on our system. 

The Corporation is considered as one of the best in Africa and this had been demonstrated in terms of how many sister institutions has sent staffs on attachment to our institution, to come and study our system so that they can also replicate that in their institution.”

MD Danso told the media practitioners that Corporation has two main components that is the housing component and also social security component.  The corporation is mandated by the government through an Act of parliament to provide social security services to the general public through membership it is also mandated to implement housing projects on behalf of the government.   “Since 1982 we have been doing exactly that,” he said. 

He explained that each of these two components has sub-components.   Under the social security component there is the national provident fund, federated pension scheme, and the industrial injuries compensation fund.  The housing finance fund under the housing component is to implement housing projects on behalf of the government.

He described the relation between the Corporation and the press as “mutual”.  “It’s one of a symbiotic relationship for the mutual benefit of both parties.  The corporation needs the press to help in its education campaign because we are involves in a whole lot of educational campaign and we need the press in that regard.  The press also needs us to give them information to enable them to disseminate that information to the general public.” 

He told the journalists:  “We welcome any journalists anytime you want to visit us, our doors are open to you anytime you need our services. We are available at any point you needs us to give information on any aspect of our activities.” 

The training was meant to create awareness, enhances compliance, and informs the media practitioners on the regulations that govern various schemes of the Corporation.