Gov't policy on private pension commended

Mr Victor Larbie, Managing Director of Donwell Insurance Company, has described the government policy to encourage private pensions as good and commendable, which should be embraced by employers and employees. This, he explained, was because in every economic venture, the private sector needed long-term funds to be able to do business.

Mr Larbie, who was the guest speaker at the joint President's Ball of the Rotary Clubs of Tema and Tema Meridian on Saturday, was speaking on: "The private Sector And The Golden Age Of Business".

The President's Ball of the two Rotary Clubs saw Mr Francis Agboada, Financial Controller of Aluworks, as the new President of the of the Rotary Club of Tema, who took over from Mr Kwasi Kwakwa, while Mrs Akosua Sakyi succeeded Mr Kingsley Kofi Ditsa as the President of Rotary Club of Tema Meridian.

Mr Larbie noted that there was a dearth of long-term funds, adding that such funds were accessed in the Stock Exchange, the Social Security and National Insurance Trust (SSNIT) and Life Insurance. He explained; "while life insurance is about six million dollars per annum. SSNIT has only 10 per cent of the market, therefore, 90 per cent out there is not tapped."

He said the potential for long-term funds in terms of pension was in the region of 520 million dollars per annum, this meant that about 250 million dollars could be pumped into the economy if that sector was activated. Therefore, Mr Larbie pointed out, there was the need for industry to support either themselves or their employees, because it would make money available for them again.

Mr Agboada said he would ensure the sowing of the seeds of love in the club and would aim at finding opportunities for members to serve well. He said his one-year administration would take the club to the communities to continue all on-going projects, especially the school for the training of the physically challenged and pledged to ensure that the admission of the first batch of students would start from September this year.

Mrs Sakyi, said even though the club had been newly established, there were plans for it to adopt the day care centre at community one market to enable members to share their knowledge on health, child care and sanitation with care takers and parents. She said as a young club, it needed a lot of support from their sponsors - Rotary club of Tema- and other past Governors in the District.