The Trust Hospital, a subsidiary of the Social Security and National Insurance Trust (SSNIT), has for the first time presented dividend of GH¢580,000 to the pension giant since its establishment as a limited liability company in 2010. The dividend represents 25 percent of the hospital’s GH¢2.32million income for the 2017 financial year.
The ceremony also saw Labadi Beach Hotel, one of the hospitality subsidiaries of the pension giant, present GH¢1million as dividend for the 2017 financial year.
Director General of SSNIT, Dr. John Ofori-Tenkorang, lauded the board and management of the two institutions for their hard work and commitment, while also lauding SSNIT’s board for the foresight and the presence of mind to overhaul the boards of subsidiaries.
“This was done with a view to strengthening the boards and making available the relevant expertise to improve overall corporate governance in these organisations,” he added.
Management of SSNIT, he said, is committed to restructuring the investments and investing in low-risk but high-yielding investments portfolios. “Based on sound policies adopted, the board and management are confident that in the coming years a lot more investee companies will be posting some very good returns.”
Dr. Francis Ahiaku, Acting General Manager of the Trust Hospital, noted that the company’s vision is to establish and operate world-class hospitals and clinics within the West African sub-region. “It is the company’s goal to make these facilities a one-stop-shop for excellent healthcare services,” he said.
The Trust’s investment portfolio registered a 5.77 percent real return in 2017 as against 5.93 percent in 2016. This performance was above the external actuarial target of 3.25 percent.
Dr. Ofori-Tenkorang also noted that SSNIT has begun a process to phase-out its biometric cards and replace them with the National Identity cards issued by the National Identification Authority – a move to synchronise the country’s identity system and reduce the multiplicity of data held by various government agencies.
The project when successful, he said, will capture details of pension contributors as well as beneficiaries onto the National Identity card to be used as proof of citizenship.
“SSNIT has taken a decision to stop issuing biometric cards; we currently do it for pensioners and those who actually need it. We are going to basically phase it out and take the National Identification Card [the Ghana card] as the card that we are going to use to authenticate any individual. This is going to be SSNIT contributors, pensioners and also beneficiaries.
“As we know, when a member passes away we have to pay benefits to nominees…currently we do not take the biometric details of nominees, and authenticating who is the genuine beneficiary sometimes can be problematic.”