Breaking News: Gambia's Social Security Housing And Finance Corporation Sold!!!
Breaking News: Gambia's Social Security Housing And Finance Corporation Sold!!!
By Correspondent Bakary Gibba, Banjul.

The Gambia Social Security Housing And Finance Corporation has been sold, according to official sources reaching the Freedom Newspaper. Spectrum Group is currently having talks with the Government of The Gambia, with the view of finalizing the sale deal. Under the new deal, the new owners are supposed to have 50 percent shares, while Government which is seemingly cash strapped should have  50 percent shares. The decision to sell the SSHFC came amid economic downturn befalling the impoverished West African nation. Spectrum Group, a Lebanese owned business outfit had taken over key developmental  sectors in the country. Among their areas of investment includes, NAWEC, the nation’s main Electricity Company, The Gambia International Airlines (GIA), and GAMTEL. Reports also have it that Spectrum was on the verge of taking over the Gambia Ports Authority (GPA).

Officials at the SSHFC have confirmed the sale talks. These officials,  who wished not to be named for fear of reprisal said the SSHFC was sold for give away price. The officials said the Government is hiding the sale of  SSHFC, but had insist that this was the biggest blunder ever committed by President Jammeh. “ How can they entrust workers funds to non Gambians? After embezzling our workers funds into misplaced projects, now they want to dispose  the SSHFC. Under the terms and agreement, the new owners are supposed to decide the financial activities of the SSHFC. They are also mandated  to hire and fire Directors. President Jammeh created this mess because he twisted our arms to make us use workers funds to buy the OceanBay Hotel. This hotel is not making any profit. We spent millions of dalasis for its upkeep and maintenance. This President is silly and stupid.” said the official.

While the SSHFC sale deal is yet to be made public, reports have it that the Government  had claimed that the privatization deal was due to economic crisis facing the SSHFC. Sources said the SSHFC accounts were almost in the reds. That the Government has been milking the firm’s buget thus rendering it cash strap. The firm is on the brink of total collapse, said our sources.

A Management  Member of the SSHFC,has warned about the potential  implications of the Government’s move. “ If the sale deal is finalized, many workers will not collect their retirement on time. Some might not even get retirement at all. The new system they want to put in place would disqualify many workers,  because some of our records would be expunged from the SSHFC system. This is yet another Jammeh/Spectrum scam. The Gambian workers should start protesting now, otherwise their funds would run into foreign accounts.” the official warned.



Posted on Wednesday, October 24, 2007 (Archive on Tuesday, October 30, 2007)
Posted by PNMBAI  Contributed by PNMBAI
Return