SSNIT gets GHc1.11m dividend from GAFCO and Gulf Consolidated

Dr. John Ofori-Tenkorang, Director-General of SSNIT

Director-General of SSNIT, Dr. John Ofori-Tenkorang has submitted that the scheme has had to diversify its investment streams as members’ contribution alone cannot help honour the pension claims of contributors.

He said the trust relies on dividends on investments made in companies and entities to help it be in productive business.

The Director-General rendered the statements when SSNIT received payments from two subsidiaries – Ghana Agro Foods Company Limited (GAFCO) and the Gulf Consolidated Limited on January 8, 2019.

While GAFCO paid a dividend of GHc400, 000 being the 40 percent equity stake SSNIT acquired in the company in 2005, Gulf Consolidated Limited submitted a cheque of GHc712, 509 totaling GHc1.112509 million.

According to Dr. John Ofori-Tenkorang, the payments were the first since 2005 noting SSNIT’s new board is poised to reposition investments in a bid to ensure that funds are prudently managed.

The Board Chair of GAFCO, Professor Joe Amoako Tuffuor mentioned structures at his outfit were poorly run prior to his coming adding he is set to turn the place into a progressive unit.

SSNIT also earned GHc712, 509 as dividend from Gulf Consolidated Company, owners of Gulf House in Accra.

The Board Chairman, Kwabena Abankwah-Yeboah submitted since 2009 the amount of dividends that its shareholders have enjoyed has seen a steady rise and consistent returns.

He detailed that out of the GHc1, 696, 452 made in 2017, SSNIT earned GHc712, 509 making it the highest beneficiary shareholder.

Kwabena Abankwah-Yeboah further said; “We have onboard some proposed development of the undeveloped space that we have at the Gulf House. We know Gulf House has a big land almost about 6 acres and about 3.5 acres is undeveloped.