SSHFC presents activity report, financial statements to PEC

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By Juldeh Njie

Social Security and Housing Finance Corporation, yesterday appeared before the Public Enterprises Committee to present their activity report for the year ended 31 December 2015.
The corporation also presented its activity report and audited financial statements for the year ended 2016 and 2017.

Presenting the activity report for the year ended December 31 2015 before the chairman of the committe, Mohamadou Manjang, managing director of SSHFC, said the corporation’s investment portfolio experienced “a 5% growth”, increasing from “GMD 2.528 billion in 2014 to GMD 2.649 billion in 2015.”

He said in terms of the benefits and claims, the total nation provident fund (NPF) benefits paid out in 2015 was GMD 107,278,000 as compared to GMD 86,966,000 in 2014. “A total of GMD 236,873,000 was recieved for contributions in the year under review,” he said.
On health, Manjang said the corporation has spent “an amount of D1,926,400.00 to help wards in all the major referral hospitals across the country in their priority needs.”
The SSHFC boss said the corporation spent a total of D1,048,295.00 on sponsorship package for [a] number of students in middle and high school, tertiary institutions and the University of The Gambia in 2015.

On challenges confronting his corporation, Manjang equipped: “During this period, management was faced with challenges of employers’ non-compliance on registrations, recoveries of Public Enterprises guaranteed loans directed by the government, the loans to the Gambia Government and loans to member institutions.”
On the 2016 activity report for the year ended December 31, he noted that the total impairment in respect of corporate loans amounted to over D1.6 billion in 2016.
He said: “Total equity reduced to D 1.03 billion in 2016 due to provisions in respect of D 66.803 million for Qatari and D 81.090 million for Gaila and reclassification of the Ocean Bay Hotel and Resort (OBHR) (D 520.8) and the Sun Beach (D 212m) from the equity to investment properties.”

He said in 2016, the total federated pension scheme claims received was “515 as compared to 284 claims received in 2015.
“In 2017, the total FPS claims received was 275 as compared to 515 claims received in 2016. The total FPS claims paid in 2017 was GMD 31,023,797.000 as compared to GMD 16,880,451.00 in 2016. Benefits, refunds and periodic pension payments in 2017 amounted to GMD 88,250,000 as compared to GMD 97,066,000 in 2016 and GMD 74,158,000,” he revealed.

Manjang said “In 2017, the total NPF claims received was 876 as compared to 1,174 claims received in 2016. The total NPF benefits paid out in 2017 was GMD 86,259,686.000 as compared to GMD 100,153,000 in 2016. A total of GMD 293,138,000 was received for the contributions in the year under review.”

Aji Penda Sankareh, auditor, DTA Associates, sounding their opinion on the SSHFC financial statements, said: “…the financial position of the corporation’s Federated Pension Fund as at 31st December 2016, its financial performance and cash flows for the year ended [is] in accordance with Generally Accepted Accounting principles and have been properly prepared in accordance with the requirements of the SSHFC Act 2015.”
Meanwhile, sessions are adjourned to 28 February for consideration and adoption by PEC.