Published on 12 October, 2021.
A six-member delegation from the National Social Security and Insurance Trust (NASSIT) of Sierra Leone has paid a visit to the Trust; to learn and share experiences on the management of data during currency redenomination periods.
Redenomination modifies the value of a currency due to a substantial change in the buying power of the money.
The delegation from NASSIT was received by the Deputy Director-General, Finance, and Administration, Mr. Michael Addo, at Pension House on 12th October 2021.
The Deputy Director-General of NASSIT, Mr. Mohammed Gondoe, explained that Sierra Leone is bracing itself for a redenomination exercise in November 2021.
Mr. Gondoe said it has become necessary for NASSIT to explore all suitable channels to keep its pension scheme on the right path.
Mr. Gondoe said NASSIT intends to institute the necessary measures to ensure that members do not lose the actual value of their contributions and benefits when the exercise comes off.
He said the devaluation of the Sierra Leonean currency, the Leone has presented NASSIT with some challenges.
“As of now, one hundred dollars gives you 1,066,250.00 Sierra Leonean Leone, and a thousand dollars gives you more than you can handle. It has become so bulky to handle money for daily official transactions that the only way forward, according to our Government and economists, is to redenominate our currency,”
Mr. Gondoe explained that NASSIT is obligated to keep financial data for years and was therefore seeking to understand how SSNIT fared during periods of redenomination in the past. Since it commenced business. NASSIT would therefore have to seek any know-how regarding redenomination successes and repercussions to curb any unforeseen damages, he added.
Mr. Gondoe said Ghana, having gone through this exercise three times already, first in 1963, then in 1966 and 2007, has positioned SSNIT with pioneer privileges on adequately balancing and being ready to continue its operations without losing its monetary values in transition.
He said SSNIT remains NASSIT’s go-to source for education on the successful running of the social security scheme and the implementation of its policies.
In his remarks, Mr. Addo said he was optimistic that the Trust has the requisite team to assist the NASSIT Team.
“During Ghana’s 2007 redenomination exercise, the Management Information System (MIS), Operations and the Finance Divisions were deeply involved and are as such, the key pillars to source for guidance in navigating your upcoming exercise,”
he assured the NASSIT Team.
He said the Trust would support the Sierra Leoneans to navigate through the Upcoming redenomination activities exercise.
Other members of the NASSIT Team were the General Manager, Operations Division, Mr. Edwin Kamara, the Ag. General Manager, ICT Division, Mr. M. Laminue Bah, the Ag. General Manager, Finance Division, Mr. Bernard Rhodes, the Head, Data Management, Mr. Abdulai Timbo, and the Head, Benefits Division, Ms. Kadijatu Bangura.
SSNIT Executives present were General Manager, Finance, Mrs. Elizabeth Aggrey-Ampiah, General Manager, Operations, Mr. Kingsley Agyei-Manu, and Ag. General Manager, MIS, Mr Godson Ladzekpo.