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    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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COVID-19: Tax Analyst urges further talks on SSNIT’s ability to help contributors

byNerteley Nettey
May 6, 2020
in Local Economy, Top Stories
William Demitia

William Demitia

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A Tax Analyst, William Demitia, is advocating for a thorough discussion of the efficiency of SSNIT’s operations to assess the Trust’s ability to allow contributors draw down on funds to mitigate the impact of COVID-19.

Former President John Mahama has suggested that SSNIT contributors be allowed to access some of their contributions in these difficult times.

The Minority in Parliament has also called for a review of the SSNIT law to allow withdrawals from contributions.

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However, the Social Security and National Insurance Trust, SSNIT, has rejected the proposals.

But Mr. Demitia told Citi Business News the proposal can be considered if it will not affect the efficient operations of SSNIT subsequently.

“Look at the current cash flow of SSNIT. How much are people contributing to the keeping of SSNIT every month. Is it able to meet the operational cost of SSNIT? Is it able to pay pensioners their monthly pension, and is it able to make the necessary investments so that when people call upon SSNIT to pay their pension, they can pay?”

“If we do that analysis and assessment then we realize that there is a surplus amount that can be given back to the contributors, that’s another conversation we can have. I only advise that, before we take a step on some of these measures, we have all the technical expertise. I am not an expert, but you must call the experts to come on board, look at the current situation, look at the impact of the proposals on SSNIT and its operations, and find out whether that is feasible. Yes, everybody is for it. Anyway, that you can get money back into the hands of people during a crisis is good enough because remember, we can only get out of it when people have the confidence to spend,” he said.

The outbreak of the coronavirus pandemic has resulted in job losses as businesses struggle to function fully.

Currently, Ghana has recorded 2, 719 cases with 294 recoveries and 18 deaths.

Restructure SSNIT pension scheme – CLOSAG

Meanwhile, the Civil and Local Government Staff Association, Ghana (CLOSAG) has petitioned President Akufo-Addo to restructure the SSNIT pension scheme to ensure the welfare of beneficiaries.

Following a revision of the Pensions Act for SSNIT to stop the payment of lump-sum benefits to pensioners from January 2020 under PNDC Law 247, workers who turn 60 years will no longer receive lump-sum payments from the Social Security and National Insurance Trust. Such contributors will now have to turn to the fund managers of their second-tier contribution for lump-sums.

Speaking at its closed-door 2020 May Day virtual celebration, the Executive Secretary of CLOGSAG, Isaac Bampoe-Addo said he believes a review of the scheme will improve the welfare of pensioners.

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