GAMBIAS SOCIAL SECURITY ON THE BRINK OF BANKRUPTCY!

BY AN INSIDER

It saddens me to report that our Social Security and Housing Finance Corporation is nearing bankruptcy. As you know, the SSHFC is mandated to collect mandatory contributions from all Gambian workers towards their retirement. Right now, the SSHFC is barely able to pay the salaries of its employees let alone the pensions owed to Gambian retirees.
The reasons for the bankruptcy of the SSHFC is mainly due to the fact that the pension benefits have been used for the past 8 years to guarantee loans given to the private businesses of Yaya Jammeh. Each time each of Yaya’s business go badownload (1)nkrupt, the banks holding the loans would call in the guarantees provided by the SSHFC. The underlying assets of these guarantees are treasury bills purchased with the pension contributions of Gambian workers.
The first of Yaya’s companies to go bankrupt was a groundnut company…. This company was supposed to be in the business of purchasing groundnuts but dues to mismanagement, it went bankrupt and allegedly cost Gambian workers over $10 million. The next Jammeh business to go ….. was GAMVEG (co-owned Muhammad Bazzi) which was supposed to be making vegetable oil but it too went ….. and the Gambian pension contributors allegedly paid over $5 million.
The latest venture on the verge of alleged bankruptcy is GAMPETROLEUM (Jammeh, Bazzi). This company co-owned with Jammeh’s Lebanese partners allegedly owes Gambian banks over $40 million. The SSHFC however does not have this money anymore as it has been bankrolling many of Jammeh’s wasteful projects and is more or less bankrupt just like NAWEC, GPA, GAMTEL all of which have been milked dry by Jammeh.
For those Gambians, who are currently contributing, it is important that they try as soon as possible to obtain their statement of accounts from SSHFC asap.
With a statement in hand, even if the SSHFC goes bankrupt, the worker may be paid by future governments. If you go to obtain your statement at SSHFC, they may try to give you excuses as to why they cannot give you your statement. But just insist that it is your right by Gambian law to have a free statement once every year as a contributor. As we speak, SSHFC employees are busy deleting people’s account and debiting their balances to reduce the liability of the SSHFC.
In the event of change, Gambians need to make sure that Tumbul Danso, Momodou Lamin Gibba, and Edward Graham (present and former SSHFC MDs) are detained to be able to explain what happened to the funds. Abdoulie Cham the current Director of Finance will also be needed to explain.
As for the banks that are taking the pensioners money for guarantee, they too will have to return the money because they know very well that these loan are private loans and they should not resort to pensioners funds to recover their careless loans to Yaya and his partners.
So both SSHFC employees and bank employees should know that Gambian workers will not accept losing their contributions just like that. So, they better be ready to explain their role in the theft of pension funds very soon because the Jammeh regime is on its dying legs.

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