The Board of Trustees and Management of Social Security and National Insurance Trust (SSNIT) have through audit and negotiations saved the Trust over GH¢200 million on legacy investment-related costs.
The cost-saving measures implemented by the leadership of the Trust have helped to improve the financial health and long term sustainability of the Trust.
This was made known by the Director-General of SSNIT, Dr. John Ofori-Tenkorang, at the inauguration of the Osei Tutu II Estate at Asokore-Mampong in the Ashanti Region last Thursday.
Dr. Ofori-Tenkorang noted that the completion of the Osei Tutu II Estate is not only part of solutions in addressing the challenges facing the housing sector, but is an investment for the Scheme.
He indicated that the project is one of the numerous investment portfolios the Trust is leveraging to meet its obligation to pensioners and enhancing the sustainability of the Scheme.
“We are a pension fund created by statute and our job, among others, is to invest funds of contributors to generate adequate returns so that we can continue to pay benefits to retired workers and their dependents,” Dr. Ofori-Tenkorang said.
In his keynote address, the President, Nana Akufo-Addo who was the Special Guest of Honour at the event, expressed his profound appreciation to the Board of Trustees and Management of SSNIT for completing the project after almost 15 when it was initiated.
“SSNIT has done an excellent job for completing the project and bringing to the market a truly affordable housing units”, he mentioned.
The project forms part of a comprehensive government’s affordable housing initiative meant to provide accommodation to low and middle income earners in the country.
This is expected to reduce the shortfall in housing and bring relief to the people of Kumasi and its environs.
The Housing Estate is made up of 91 blocks with a total of 1,027 units comprising 691 two-bedroom, 336 one-bedroom and 26 shops.
The project was handed over to SSNIT on November 12, 2015 with blocks of flats at different stages of completion ranging from foundation to roofing level.