No Result
View All Result
Sunday, June 11, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Let’s remain optimistic – Otuo Siriboe to Ghanaians

    South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

    Ghana returns to gold top spot as output jumps 32%

    Ghana Hotels Association to petition PURC over tariff increment

    CBOD laments adverse impact of gold for oil policy on bulk oil distributors

    Pensioner Bondholders justify decision to petition CHRAJ over interest

    We are poised to eradicate poverty through SEED initiative – SSNIT

    Govt aims to transform fishing industry with new aquaculture centre

    Maiden Ghana Automotive Summit set for June 27

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula

    Update your records or have your names expunged – ORC tells businesses

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

  • TECHNOLOGY

    #CitiBusinessFestival: Go digital to increase customer reach – Businesses told

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Let’s remain optimistic – Otuo Siriboe to Ghanaians

    South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

    Ghana returns to gold top spot as output jumps 32%

    Ghana Hotels Association to petition PURC over tariff increment

    CBOD laments adverse impact of gold for oil policy on bulk oil distributors

    Pensioner Bondholders justify decision to petition CHRAJ over interest

    We are poised to eradicate poverty through SEED initiative – SSNIT

    Govt aims to transform fishing industry with new aquaculture centre

    Maiden Ghana Automotive Summit set for June 27

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula

    Update your records or have your names expunged – ORC tells businesses

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

  • TECHNOLOGY

    #CitiBusinessFestival: Go digital to increase customer reach – Businesses told

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

SSNIT threatened, pensioners face cut in benefits – Bawumia

bycitibusinessnews
October 10, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Former deputy Governor of the Bank of Ghana & running mate of the NPP Dr. Mahamudu Bawumia
Share on FacebookShare on TwitterShare on Whatsapp

The NPP’s running mate for the 2016 elections, Dr. Mahamudu Bawumia, has warned of a likely collapse of Ghana’s pension scheme by 2019 due to some financial challenges confronting the institution.

According to Dr. Bawumia, the financial viability of the Social Security and National Insurance Trust (SSNIT), has deteriorated making it difficult for the company to meet its obligation to contributors to the fund.

Speaking at the NPP manifesto launch at the Trade Fair Centre in Accra, Dr. Bawumia warned the current course of SSNIT would leave it and pensioners in a dire situation.

ADVERTISEMENT

“Our pensioners are under threat, currently the financial viability of the Social Security and National Insurance Trust is in question,” he cautioned.

In his address, Dr. Bawumia noted that, the World Bank in its 2016 report of governance of SSNIT, stated that “the actuarial valuation shows that the fund will become a cash flow negative in 2019 and all assets will be used up by 2031.”

“At this point, the benefits would have to match the inflows and will lead to very significant cuts in the benefit for current pensioners. This is the World Bank telling us that SSNIT is collapsing and that would result in a cut in pensions.”

The former Deputy Governor of the Bank of Ghana also blamed the current government over what he says is its mismanagement of the economy.

Meanwhile Dr. Bawumia has assured that an NPP government will ensure that “the funds of the National Pensions Regulatory Authority will be applied solely for the purpose of the development of pensions and we will fully implement section 103 of the pension act which assigns pension benefits for housing of workers.”

Eight Banks collapsing under this economy – Bawumia

Dr. Bawumia also highlighted the governing National Democratic Congress’ (NDC) handling of the economy, that has left eight banks also at the point of collapse.

“After eight years of mismanagement, the banking system has been pushed to dangerously fragile levels. Eight banks are currently on the edge of collapse,” he also warned.

Dr. Bawumia noted that, “under John Mahama, Ghana has now been classified as a country with a high risk of debt distress.”

Despite the NDC asserting that the loans it has been acquiring have been used for development projects, he retorted that the debt has not been channeled into development as “the value of total government investment in infrastructure is just about $7 billion.”

According to the IMF, “most of Ghana’s borrowing under this John Mahama government has been spent on corruption and consumption rather than investment,” The NPP running mate added.

Related Posts

Local Economy

Let’s remain optimistic – Otuo Siriboe to Ghanaians

bycitibusinessnews

Chairman of the Council of State, Nana Otuo Siriboe II has called upon Ghanaians to maintain a sense of optimism...

Read more

South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

Ghana returns to gold top spot as output jumps 32%

CBOD laments adverse impact of gold for oil policy on bulk oil distributors

Pensioner Bondholders justify decision to petition CHRAJ over interest

We are poised to eradicate poverty through SEED initiative – SSNIT

Govt aims to transform fishing industry with new aquaculture centre

Next Post

Biz of elections: Kalyppo craze pushes sales up (Audio)

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.