SSHFC Registers Assets Growth of D700 Million in 2020


By: Kebba AF Touray

Haddy Sallah, the Director of Finance and Investment at the Social Security and Housing Finance Corporation (SSHFC) has said that the corporation has registered a growth in assets of seven hundred million (D700M) in 2020.

She said this on Thursday, June 30, 2022, during the corporation’s appearance before the Public Enterprise Committee (PEC) for the presentation of its audited financial statement and activity reports.

“The net profit for the Social Security in 2020 stood at D186, 177,000.00 compared to D140, 084,000 in 2019. The total asset of the corporation in 2019 was D6, 250,136,000 which has grown to D6, 992, 706,000 in 2020,” she said.

Sallah said this reflects that the corporation has a growth of D700 million in 2020, noting that the aforesaid growth has accelerated from D6.2 to D6.9 million. She said the corporation in 2020 has a total income of D399,715,00.00 compared to D13,059,000 in 2019, and that the total expenditure (for the whole of SSHFC) for the year 2020 was D128,712,000.00 compared to D171, 72,000.00 in 2019.

“For the surplus pension fund for the year 2020 is D80, 057,000.00 compared to D23, 976, 000.00 in 2019. The surplus for the year 2020 was D80, 570,000.00 whereas operating profit (before working capital) was D91, 150,000.00 and cash generated from operating activities is D52, 777,000.00 in 2020,” she said.

Saloum Malang, the Managing Director of SSHFC, said, “Our mission is to provide social security and housing benefits to the Gambian people. One of our key functions, because we invest the fund we receive from our members and we employ all the decision making tools that are needed to raise the viability of the investment performance.”

He said the Gambia Transportation Service Company (GTSC) is a subsidiary to the SSHFC and that they have a strategic goal, but are challenged by the impact of COVID-19 and increment in fuel price and road infrastructure. Thus, he called on the government to intervene and provide an adequate subsidy to the GTSC.

Aji Penda Sankareh, the Managing Partner of DT Associate Audit Firm, said they have audited the financial statements of the SSHFC, such as statement of financial position, statement of profit or lost statement of changes in equity, among others as at 31st December 2020.

“In our opinion, the financial statement presented fairly in all material aspects for the financial position of the SSHFC and its financial performance and cash flows for the year ended in accordance with the generally accepted accounting principles and the requirements of the SSHFC Act 2015,” Madam Sankareh said.