Listen to music while browsing

SSNIT justifies decision to swap stake in TTB

By Ghana|Myjoyonline.com|Joy Business

The Social Security and National Insurance Trust (SSNIT) has said it swapped its stake in The Trust Bank (TTB) for more shares in ECOBANK-Ghana to get more from its investments, especially in the wake of pension reforms.

The Trust last year swapped about 11million shares in TTB for 38.6 million shares in ECOBANK-Ghana for 220 million Ghana Cedis.

The move was however heavily criticized by some interest groups as well as some workers of TTB.

But speaking to JOYBUSINESS, Director General of SSNIT, Dr Frank Odoom stated that recent developments have shown the deal was a prudent one.

The important thing the company is focusing on, he said, is the sustainability of the company's pension schemes.

“We want the scheme to be there for generations to come and the only way we can do that is to make sure that we good investments,” hence the merger with ECOBANK.

The Trust received some 11.2 million Ghana Cedis as dividend from ECONBANK, which according to SSNIT, is the biggest dividend it has ever received from all its investments in the country.

A tale told by an idiot is full of sounds and fury, signifying nothing
By: FRANCIS TAWIAH(Duisb

IMF: Ghana could be HIPC by end of

Friday, April 17, 2015

According to the International Monetary Fund (IMF), Ghana's total public debt co ...
read more »

Dumsor crisis: Over 12,000 workers

Wednesday, April 15, 2015

More than 12,000 people have lost their jobs between January and April 2015 alon ...
read more »

Maritime dispute: International Tri

Saturday, April 25, 2015

The International Tribunal for the Law of the Sea has ruled that Ghana cannot dr ...
read more »

Insurance companies introduce sub-r

Wednesday, April 15, 2015

Drivers who commute across the ECOWAS Sub-region would not be required to re-ins ...
read more »