SSNIT shares in HFC intact

A recent clarification by Eva Amegashie, Director of Public Affairs of the Social Security and National Insurance Trust (SSNIT) on rumours being peddled over the sale of SSNIT’s shares in HFC Bank to RBTT has helped to settle the issue appropriately.

Even though she has categorically denied the rumour, questions still remain in the public domain, especially on whether SSNIT was gradually abandoning its commitment to housing for its contributors.

Some media watchers have argued that current developments between HFC Bank Ghana and the Republic Bank of Trinidad & Tobago (RBTT) do not suggest SSNIT would divest its interest in HFC Bank to any foreigner.

For some time now, there have been attempts to take over HFC Bank.

But BUSINESS GUIDE’s investigations revealed that HFC Bank does not have any liquidity problems to warrant its sale.

Some analysts have described HFC Bank as a good investment, which must be protected. In the worst scenario, they said if ever SSNIT wanted to sell its shares in HFC Bank, it should sell to serious local investors and private pension funds currently operating in Ghana.

SSNIT became a promoter of HFC Bank in 1990 with the Government of Ghana and Merchant Bank to ensure the availability of long-term finance for home loans in Ghana.

SSNIT currently holds HFC Bonds of 20-year maturity valued at GH¢46 million as at 31st December 2013.

HFC currently manages a Public Sector Employees affordable housing Scheme offering 20 year home loans at between 10 percent and 15 percent to public and civil servants.