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Economy

SSNIT to back out of bad investments

The Social Security and National Insurance Trust is to withdraw its investments from some distressed companies. The firms, including Wahome Steel and GAFCO, are mainly into manufacturing where the Trust concedes it has not been able to manage satisfactorily. “I am being practical with you, it is not all investment that will do well for various reasons and the sector in which they find themselves. Manufacturing is a very difficult area; that is where we failed woefully,” the Acting General Manager for Investment and Development of SSNIT, Jerome Eshun told Joy Business. Such investment disasters are among some of the reasons why SSNIT is said to have failed. But Mr. Eshun disputes this. He says the Trust has been extremely successful in the stock market where its contribution has been immense. He maintains the Trust’s assets have also been adequately spread in order to ensure contributors’ monies are safe. Source: Joy Business/Myjoyonline.com/Ghana

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.