Mr. Saloum Malang, Managing Director Social, Security And House Finance Corporation
By Ramatoulie Jawo
The Social Security and Housing Finance Corporation (SSHFC) convened its Annual General Meeting on Thursday, April 25th, 2024, with the theme “Through Membership Engagement Values Are Co-Created”.
The gathering took place at a local hotel in Kololi, uniting corporation members, retirees, and representatives from both government and private sectors.
The event provides the corporation the opportunity to present the Annual Activity Report and Financial Statements of the Corporation for the year ended 31, December, 2023, review the performance of the past year and share their plans and strategies with their members.Mr. Oreme Joiner, the Chairman of the SSHFC Board, initiated the meeting with an overview of the agenda and a disclosure of the corporation’s financial achievements. He reiterated the board’s unwavering commitment to enhancing operational efficiency and reducing costs.
“We assure you that our dedication to fostering robust, tracked stakeholder engagement initiatives and transparent disclosures remains resolute. Our ongoing dialogue and transparency measures aim to cultivate an environment of trust and confidence among our valued stakeholders, fortifying our collective journey toward sustained growth and societal impact,” he said.
Mr. Joiner highlighted the significant growth in member funds, which increased from D7.8 billion in 2022 to D8.3 billion in 2023, marking a 6.4% growth. He attributed this upward trend to the collective dedication to fiscal responsibility and sustainable development.
“This growth trajectory is a testament to their collective commitment to financial prudence and sustainable growth,” he said.
He emphasized the importance of the corporation’s investment portfolio, which has consistently yielded returns through a diversified investment strategy, ensuring the long-term financial security of stakeholders and the protection of their funds. He acknowledged the challenges of the dynamic business landscape in meeting strategic goals.
“Our investment portfolio, a cornerstone of our financial strategy, continues to deliver returns through a diversified investment approach we have ensured long-term financial security for our stakeholders, thereby safeguarding their funds. We recognize the challenges posed by the dynamic business environment in achieving our strategic objectives,” he said.
The meeting encouraged interactive discussions on relevant issues, promoting the exchange of feedback and constructive ideas to enhance service delivery.
Mr. Saloum Malang, the Managing Director of SSHFC, presented the corporation’s activity report for 2023, noting an increase in net worth from D7.8 billion in 2022 to D8.3 billion in 2023, reflecting a 6.7% growth. He also reported that the investment portfolio had grown to D6.8 billion from D6.4 billion.
“Currently, in 2023 we are worth D8.3 billion. It was 7.8 billion, in 2022, now it has increased to D8.3 billion, which shows a 6.7% growth in our net worth and our investment portfolio also currently stands at D6.8 billion from D6.4 billion.
“The Corporation is automating and digitalizing social security operations to reduce process time and cost by developing a unique system called Social Security Management Information System comprising the following sub-systems,”
Mr. Malang announced the automation and digitization of social security operations through the development of the Social Security Management Information System, which includes instant member registration and online account maintenance, claim processing, and benefit payments. He urged members to make timely contributions to avoid delays in claim processing.
“Account Maintenance payments and remittance schedules are to be done online Claim Processing and benefit payments Timely payment of benefits will be reduced from 30 days to under 10 working days Statement Production members statement will be done online E-statement via the member portal,” the disclosed.
He went in to encourage members to pay their contributions on time with proper schedule. Saying “these are some of the factors that delay your claims, claims are delays because of some of these facts.”
Haddy Sallah, the Director of Finance & Investment, presented the audited financial statements for 2023. The corporation’s consolidated income for the year was D402 million, a slight decrease from the previous year and below the projected budget. She reported a reduction in total expenditure before impairment and interest on members’ funds by 1.8%, resulting in a surplus before impairment of D105 million, indicating a stable financial position.
“The consolidated income for the year ended 31, December 2023, amounted to Four Hundred Two Million dalasis, showing a slight decrease of 1.7% from Four Hundred and eight million in 2022, its also 19%, below the budgeted income of Four Hundred and ninety-eight million in 2023, this decrease is primarily attributed to the reductions in the project income and the payments specially from SOEs loads,” she highlighted.
“Total expenditure before impairment and interest on members fund decrease by 1.8% from three hundred and four million in 2022, to two hundred and nineteen million in 2023. The budgeted total expenditure for the year was three hundred and especially from SOEs loads,” she noted.
She stated that their total expenditure before impairment and interest on members fund decrease by 1.8% from three hundred and four million in 2022, to two hundred and nineteen million in 2023, saying that “the budgeted total expenditure for the year was three hundred and sixty-six million two hundred and seventy-four”
“This means that the total expenditure for the year was lower than both the budget and the last year’s figures, even with t the approval of staff bonus. The savings on the budget was 19%. Surplus before impairment the surplus before interest on members funds increased marginally to one hundred and five million in 2023 compared to one hundred and four million in 2022, indicating a relatively stable financial position,” she revealed.
The meeting also included reports from representatives of the National Provident Fund (NPF), Federated Pension Scheme (FPS), and a Pensioners Representative on the SSHFC Board. Elections for board member positions representing these groups were announced as well.