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GH¢43m saved after clearing pension’s payroll – SSNIT



GH¢43m saved after clearing pension’s payroll – SSNIT

The Social Security and National Insurance Trust (SSNIT) has saved a whopping GH¢43million as of April this year after deleting over 6,300 ghost pensioners from its payroll.

The Trust in February last year began an exercise to clean the pension’s payroll of ghost names in collaboration with the banks, which monitored dormant accounts over time and terminated those it deemed ghost pensioners.

Dr. John Ofori-Tenkorang, the Director-General of SSNIT who made this known, indicated that cleaning the pensions payroll formed part of the prudent internal and external management and cost-saving practices aimed at building a robust self-sustaining Scheme.

SSNIT has a total of 1,551,718 active contributors as of March 2019 and 205,094 pensioners on its payroll with the highest paid pensioner receiving GHS55,899.57 a month, while the minimum pension paid is GHS300.00.

Dr. Ofori-Tenkorang was speaking at an educational forum organised by SSNIT in collaboration with the Trades Union Congress (TUC) to discuss social security issues, particularly, on pensions and benefit computations.

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It was aimed at promoting knowledge of the SSNIT Scheme, empowering organised labour as peer educators for the Trust and demystifying controversial issues surrounding computation of benefits to contributors.

Dr. Ofori-Tenkorang stressed that sustainability of the Scheme was very essential and urged all institutions to ensure that the Trust run efficiently and effectively.

He said the external actuarial valuation suggested that the contribution rate necessary to pay benefits over the next 50 years and to accumulate assets representing three years of total expenditure was around 19.2 percent.

Last year, he said the Trust spent GH¢2.5 billion on benefits payments and indicated that GH¢230million was being spent in funding pensions payment to over 200,000 pensioners monthly.

Dr. Ofori-Tenkorang added that more than one million Cedis was spent on Invalidity Pension every month, adding that SSNIT was committed to paying all legitimate claims.

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He said there were no myths surrounding benefits computation and that, pensions were direct reflections of salaries on which contributions were paid, saying “with the SSNIT pension Scheme, what you put in is what you get”

He said SSNIT had embarked on an aggressive public education agenda to promote knowledge of the scheme among Ghanaians and that the Trust was leveraging on its large social media followers to educate and engage millennial.

Mr. Joseph Poku, the Pensions Manager who took participants through the SSNIT benefits computation, enumerated the three factors that were considered in the computation of benefits under the National Pensions Act 2008, Act 766 as age, average of best 36 months’ salary and earned pension right.

He said a contributor was entitled to a pension right based on the number of months contributed to the Scheme and gave the minimum and maximum pension right earned for 180 and 420 months as 37.5 and 60 percent respectively.

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He said salary was a key factor in the computation of pensions and so the higher the salary one contributed, the higher his pensions.

Mr. Joshua Ansah, the Deputy General Secretary of TUC, noted with concern that some workers connived with their employers to pay little contributions to SSNIT and deposit huge sums to the private trust funds.

He advised workers to be interested in consolidating their salaries in order to have meaningful pension instead of bagging huge allowances, which had no bearing on the computation of pensions.

SSNIT was established in 1972 under NRCD 127. It manages the First Tier Contributions of 13.5 percent of workers’ basic salary. Eleven per cent of the amount is invested in the Social Security Fund, while 2.5 per cent goes into the National Health Insurance Scheme.


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1 million waste bin project launched in Accra



1 million waste bin project launched in Accra

Universal Plastic Products and Recycling(UPPR) Ghana Limited in collaboration with Ecobank Ghana Limited and the Environment Service Providers Association has launched a 1 million Waste Bin project aimed at reducing “indiscriminate disposal” of waste in Ghana.

The launch which took place at the headquarters of ECOBANK GHANA LIMITED saw in attendance various stakeholders in the sanitation value chain,including the ministry of sanitation, members of Parliament, municipal assembly members and the media.

According to the managing director of Ecobank Ghana Limited,Mr Dean Sackey, Ecobank Ghana’s collaboration in this big project stems from its commitment to helping in the creation of massive awareness about environmental cleanliness among Ghanaians.

He reiterated the need for every home in Ghana to have a waste bin which according to him is essential in ensuring proper disposal and recycling of waste.

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He revealed that Ecobank on its part has invested at least 10 million dollars as a medium term loan facility to support the production of waste bins to be distributed across the country.

The president of the Environmental Service Providers,Dr Joseph Siaw Agyepong indicated that the current filth insurgency engulfing the country can be attributed to the lack of sufficient waste bins in homes,workplaces,public bus stations and other places of the public sphere.

Speaking on the project,the chief Operating Officer for technical and Logistics Cluster of the Jospong Group of companies,Mr Alex Atakorah indicated that ensuring good sanitary conditions in Ghana can only come about through Public-Private partnership approach which is currently being pursued.

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According to him,the Sustainable development goals which support a clean environment could never be achieved without the use of waste bins.

He also revealed that most of the operation the the Universal Plastic Products and Recycling are sourced and recovered from their dumpsites and landfills which all contribute immensely towards reducing the waste burden on the country.

The 1 million Waste project is expected to further complement the existing sanitation initiatives by the various government institutions in the country including Metropolitan assemblies and District Assemblies.


The special waste bins under the 1 million Waste Bin project have been fitted with Radio Frequency Identity tags that enable the Waste management companies to closely monitored to record how often the bins get emptied.

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This feature is expected to eliminate the current situation of “Over-spill” of waste bins which often lead to air pollution and contamination.

Uniformed officials of the waste management companies with ID cards are expected to move into communities for the purposes of distributing and registering of the waste bins to homes,schools,offices and other public spaces.


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Ghana signs deal to buy six aircraft for new national airline



Ghana signs deal to buy six aircraft for new national airline

The government on Tuesday, November 18, 2019, signed a deal with De Havilland Aircraft of Canada at the on-going Dubai Air Show to buy six Dash8-400 aircraft to start its national airline.

Citi Business News understands that the aircraft will be purchased by the first quarter of 2020.

The plan to reestablish a national carrier has been on the drawing board for some time now.

Following the signing of the agreement, issues of financing and others are expected to be finalized which will be presented to Cabinet for approval and then to Parliament.

The new deal, signed by the Aviation Minister, Joseph Kofi Adda, is expected to boost Ghana’s dream of seeing to it that a new national airline hits the skies.

The Minister of Aviation, Joseph Kofi Adda, who signed the Memorandum of Understanding on Ghana’s behalf, said “They’re manufacturing Dash-8s, which used to be called Q-400, that can take upwards of 82 passengers. That will be able to serve the domestic and regional needs of the passengers. We’ve done our research and we’ve assessed all the aircraft available, and we think these ones are the ones most efficient and suitable given the weather and so on, that we can use to carry Ghanaians within the country and also send them to other West African countries all the way up to Senegal, The Gambia, Cameroun, and Congo as well”.

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“So these are things that the route planning people will work on as far as the details are concerned. But we want to be sure we’ve got the critical sets of aircraft that the airline can start operating them.”

Ghana signs MoU for 3 Dreamliners

Ghana has also signed an MOU (Letter of intent) for three (3) Boeing 787-9 planes.

“The second one is the Boeing 787-9, that’s a long haul. Long haul means it goes trans-oceanic. It goes to Europe, North America, it can go to Middle East and Asia. These were signed for three of the aircraft. These are all Memorandum of Understanding; they’re letters of intent indicating our desire to procure these aircraft. There are other processes we have to go through now with the manufacturers themselves, the government of Ghana, the approvals that would be required from all the government levels, we have to go through that between now and the end of the year to secure that.”

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The Minister says Government will be assessing the various options in procuring the aircraft.

“There are different ways of procuring an aircraft. There’s a leasing arrangement that can go on with a third party paying for the aircraft, then you will pay periodically may be monthly or quarterly for the service of the aircraft with some down payment. There’s also the outright purchase which is another option. So these are options that we’ve weighed and we will place before the government. We’re hoping that once the government makes a decision on this, we will be able to make payments that are required for the aircraft to be delivered. We’ve been able to get some good discounts from where we are starting with the two manufacturers, and we think they’re reasonable terms which I cannot disclose for now, but once I meet cabinet and parliament these will become public knowledge.”

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A name for new home-based airline

According to the Aviation Minister, a search is still ongoing on how to call the new national airline.

“So we’re happy that this has brought us to one tip of the bridge, so once we conclude the procurement, then we cross over to the next end of the bridge which means that we’re now airborne with a home-based airline. The name itself we’re waiting to discuss that at the government level, and gathering some inputs from different parties.”


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No more expiry of voice, data bundles – Telcos ordered



No more expiry of voice, data bundles – Telcos ordered

The Ministry of Communications has directed telcos to roll over all unused data and voice bundles purchased by customers.

This will mean unused data and credit will not expire.

“All unused data and voice bundles purchased by subscribers do not expire and must be rolled over with the next recharge,” the Ministry said in the statement that also directed teclos to cease the instant deduction of the Communications Service Tax (CST).

The Ministry assured that Mobile Network Operators will be subjected to “strict compliance with exiting Quality of Service (QoS) standard to ensure value for the subscribers’ money in accordance with their licence obligations.”

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The directive came in a letter written to the National Communications Authority and was copied the Chief Executive Officers of MTN and Vodafone as well as the two Deputy Ministers of Communication.

The Communications Minister, Ursula Owusu-Ekuful said this was part of measures to”minimise the negative impact of deduction of the CST.”

Currently, only AirtelTigo offers data bundles that do not expire.


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