GRi BEF News Ghana 21 - 02 - 2001
SSNIT, GCB trade accusations on delays in
pension payment
Accra (Greater Accra) 21 February 2001
The Ghana Association of Bankers (GAB) on Tuesday February 20, 2001, announced the following average inter bank exchange rates of the cedi equivalent to the dollar and derived rates for other major foreign currencies:
Currency Buying Selling
US Dollar 6,871.09 7,084.09
Pound Sterling 9,941.09 10,256.35
French Franc 966.56 966.34
Swiss Franc 4,121.17 4,248.52
Deutsche Mark 3,240.57 3,342.24
Canadian Dollar 4,479.79 4,618.10
Japanese Yen 59.19 61.02
Dutch Guilder 2,877.06 2,965.72
S/African Rand 889.22 915.91
Euro 6,339.98 6,535.20
CFA Franc 9.67 9.96
Naira 63.05 65.00
Ecowas/WAUA 8,998.18 -----------
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SSNIT, GCB trade accusations on delays in
pension payment
Accra (Greater Accra) 21 February 2001
The Social Security and National Insurance Trust (SSNIT) on Tuesday blamed financial institutions, especially Ghana Commercial, for the delay in the payment of monthly pensions.
However, GCB said the blame lies with SSNIT, which does not send the pensions early.
In an interview with the GNA, Mr Osei Bimpong, Head of SSNIT Public Affairs, said the Trust makes its pension payments to the banks on the third Thursday of the month.
He said the Trust, however, advises the banks two weeks ahead. For example, he said, the advice for pension payments for February was sent on February 6.
He said last December, the advice was sent on December 3 but payments had not been made by December 20.
Mr Bimpong singled out GCB as the financial institution that delays the payment of monthly pensions saying that pensioners whose accounts are with other banks have not complained.
"You can see that the fault is not from SSNIT because those pensioners who are saving with other banks have not complained about such delays," he said.
Mr Bimpong said the SSNIT is holding discussions with the banks about the possibility of absorbing bank charges on the pensions.
A source at GCB, blaming SSNIT for the delay in payment of pensions, said GCB does a lot of work before payments are made. It has therefore, asked the Controller and Accountant General's Department and SSNIT to send their money four days before the day payments are due, but this is flouted.
The source said when pensioners' money is not credited and they go to the SSNIT office, they are told to return to the bank although the money had not reached the bank or must have arrived on the same day.
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