Social Security Generates D136 Million in 2021

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By: Kebba AF Touray

The Board of the Social Security and Housing Finance Corporation (SSHFC) said the corporation generated a total income of one hundred and thirty-five million, eight hundred and eighty-eight thousand Dalasi (D135, 888,000) in 2021.

The amount is a slight increment compared to the total income of one hundred and twenty-one million, nine hundred and ninety-eight thousand Dalasi (D121,998,000) in 2020.

The board reported this during their meeting with the Public Enterprise Committee (PEC) for the presentation of their activity reports and financial statements, for PEC’s scrutiny, consideration and adoption.

The SSHFC Board reported: “The total income of SSHFC amounted to One Hundred and Thirty-Five Million, Eight Hundred and Eighty-Eight Thousand Dalasi (D135, 888,000) in 2021 from a total income of One Hundred and Twenty-One Million, Nine Hundred and Ninety-Eight Thousand Dalasi (D121,998,000) in 2020.”

Total expenditure of the corporation stood at negative fifty-three million, six hundred and sixty-five thousand Dalasi from negative forty-one million, nine hundred and forty-one thousand Dalasi (D53,665,000) from negative 41,941,000.

The board also reported that the total capital and reserves of the SSHFC in 2021 amounted to D2,724,506 from D2,547,629, whilst total assets increased slightly from 2,584,612 in 2020 to D2,810,469 in 2021.

It averred that the total liabilities and reserves also increased slightly from D2,584,612 in 2020 to D2,810,469 in 2021.

On federated pension fund, the board explained that the Corporation’s total balance on member’s fund, revenue and revaluation stood at D2,547,629 in 2020 whilst the balance on the said segment in 2021 stood at 2,547,629.

Penalty, as indicated by the board, stood at a total of D 2,724,506 as at 31 December 2021 and the total cash and cash equivalent at the end of 2021, on the federated pension fund, amounted to 16,100,000 from D109,588,000 in 2020.

The SSHFC’s board also informed PEC, that the income on investment totaled D116,305,000 in 2020 to D121,800,000.

The investment properties, as indicated by the board, amounted to D243,810, in 2020 and 2021 fiscal period, whilst loan to member institution amounted to D75,835,000 in 2021 from D82,413,000 in 2020.

The corporation has submitted and presented its report to the committee on PEs and now awaits the committee to reengage them for scrutiny and consideration of their reports.