Africa-Press – Gambia. The Social Security and Housing Finance Corporation (SSHFC) revealed before lawmakers at the National Assembly Public Enterprises Committee that its members’ funds increased from D6.2 billion to D6.2 billion. 9 billion dalasis during the year under review.During the presentation of his 2021 activity and financial report before the deputies on Thursday February 8, 2024, Mr Saloum Malang, the general director of the Social Security and Housing Finance Company (SSHFC), underlined that despite the harmful effects of the Covid-19 virus pandemic, “it is with great satisfaction that the Society’s balance sheets” recorded an increase in members’ funds.
He added that the Company’s performance in 2021 demonstrated remarkable resilience. “We firmly believe that a vigorous combination of investment growth strategies and diligent cost management practices will continue to provide the foundation for superior performance in the future,” he said. He revealed that with the support of the Ministry of Economy and Finance, the company was able to put in place a new payment agreement for the recovery of the Portfolio of Non-Performing Loans to Public Enterprises and the Gambian Government, amounting to 1.8 billion dalasis.
“These loans were granted between 2006 and 2016, following several administrative directives which directed the Social Security and Housing Finance Company (SSHFC) to grant more than 25 loans to several construction companies. state and government, for a total amount of 1.8 billion dalasis,” declared the Managing Director of the Social Security and Housing Finance Corporation (SSHFC). “During the year under review, these loans remained unpaid, except for D163.5 million paid to date. The funds available for investment could have been much higher without the cumulative outstanding loans of D1.6 billion. »
He also revealed that the investment portfolio of the Federal Pension Scheme (FPS) increased by 14.4% from D1.71 billion in 2020 to D1.95 billion in 2021, in due to the increase in investments in Bank Term Deposits and Treasury Bills.
He also revealed that the investment portfolio of the National Provident Fund (NPF) also saw an increase of 9.8% from D3.12 billion in 2020 to D3.44 billion in 2021, mainly due to an increase in Bank Term Deposits.
The Managing Director highlighted that the investment portfolio of the Housing Finance Fund (HFF) decreased by 0.5% from D269.92 million in 2020 to D268.701 million in 2021, due to the disposal of an investment property, although bank term deposits increased by D12.5 million.
However, he noted that the company faces delays in paying contributions and submitting complete schedules. “The lack of land allocated by the government for housing projects in the Banjul metropolitan area, among others, is also a challenge for us,” he told MPs.
The Public Enterprises Committee then adopted the 2021 activity report and financial report of the Social Security and Housing Finance Company (SSHFC) with amendments.
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