SSNIT justifies decision to swap stake in TTB

By Ghana|Myjoyonline.com|Joy Business
By Ghana|Myjoyonline.com|Joy Business

5/24/2012 2:03:25 PM -

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.