SSNIT’s books include 858 million dollars in non-performing loans – AG’s 2021 report
The 2021 Auditor General’s report of the Social Security and National Insurance Trust has non-performing debts totalling GH858,380,662.
Section 91 of the Public Financial Management Act 2016, (Act 921), has is that the Board of Directors of a public corporation governed by this Act shall ensure the efficient management of the public corporation’s financial resources, including the collection and receipt of monies owed to that public corporation.
According to the study, seven corporations were not repaying loans totalling $858,380,662.10.
“The schedule officers indicated that the companies involved have not been making profits over the years, as evidenced in their financial statements for the past five years. The non-payment of the loans has impacted negatively on the cash flows of SSNIT and if continue, will significantly affect the sustainability of the Trust”, the report added.
“We recommended that Management should review the loan portfolios with the respective companies and put in place measures to recover them. We also recommended that management should take possession of the underlying assets of the defaulting companies to defray parts of the loans. We further recommended that management should seek redress at the law court where appropriate to recover the loans”.
1. RSS Developers Ltd. (Loans1, 2, 3)
Loan 1– Ghana cedi equivalent of US$50.0 million was disbursed in tranches to the company in 2011 (April, June and December).
Loan 2 – Ghana cedi equivalent of US$115.0 million was disbursed to the company in tranches as follows: § 2013 (January, February, April, September and October). § 2014 (March and April). § 2015 August and September). 2574.
Loan 3 (Bridge) – Amount Approved US$17.0 million. The Trust disbursed Ghana cedi equivalent of US$12.75 million in two tranches to the company in November 2014 and February 2015. The company was to repay the loan with proceeds from sale of its property developments.
The development has however faced a myriad of challenges including a slowdown in the real estate market, overpriced units of its development, and inability of the contractor, being a partner in the company, to complete the development, which in our estimation, arises from the contractor’s own financial challenges.
SSNIT has swapped part of its debt with the completed housing units of the company to lower its financial exposure. SSNIT Management has put in place a new Investment Policy and Guidelines document to guide the Trust on such transactions in future that includes that, SSNIT shall not enter into any joint venture agreement where a partner in the JV will be the contractor for the project the JV is to undertake. SSNIT is preparing to aggressively market the sale of the units that have been taken over.
2. Aluworks Limited 2576. Aluworks defaulted on its contractual obligations to the Trust due to financial and operational challenges arising from what they termed as unfair competition from abroad. SSNIT bought land from Aluworks to enable the company get funds to pay its debt owed to VALCO and get funds for working capital. The proceeds were used for the purpose and as a result the company currently has a credit balance with VALCO. This has freed up working capital making it easier for the company to operate. Discussions for a strategic investor is still ongoing.
Aluworks Ltd., being a public listed company, is preparing to hold an Annual General Meeting (AGM) tentatively set for October 2021 where it will table the SSNIT proposal for a strategic investor for shareholders’ discussion and direction. A draft resolution to be considered at the AGM has been received from the company’s Management. Injections by a strategic investor will be used to retire a significant portion of the SSNIT debt.
3. Switchback Developers Limited
The construction of Phase I of the project experienced delays due to a lack of adequate construction finance. Sale proceeds received, which were to be used to pay for the loan, have been used for the construction. Thus, the company’s inability to pay back the loan when it fell due.
Phase I of the project is about 95% complete. The Trust has injected funding by acquiring 6.18 acres of the land and responded to a rights issue to purchase flats at a significant discount. Sales are ongoing and is expected that the loans will be repaid from the proceeds. In addition, Shareholders are also considering selling additional parcels of land. It is expected that the sales of the land and apartments will exceed the value of the loans.
4. Intercity STC Coaches Limited 2580. The company continues to record losses and is unable to generate adequate cash flows to service the debt. The current border closure due to the COVID-19 pandemic, also affected travel to Togo and Cote d’Ivoire which are a significant source of revenue for the company. The acquisition of buses through an ADB Bank loan and from the Government is complimenting management’s new strategy to turn the business around. The Trust is monitoring the progress of the company to ensure repayment is done.
5. Trust Logistics Limited
Strong competition within the logistics industry has been made worse by an aging fleet of trucks. This has meant that the company continues to make losses. This has meant that the company has not been able to repay the loan. Board and management are implementing a new strategy to diversify revenue sources and improve performance. As part of the strategy, it is leveraging its landed assets to improve its performance through agreements that will utilise its land more effectively.
The company has now physically secured its land and is in the process of perfecting the title to the land to facilitate the new strategy. SSNIT has also worked to complete a long-standing asset split between the company and ISTC. It is therefore able to either monetise these assets if needed and to leverage others to improve its performance.
6. Kumasi Abattoir Company Limited
The company continues to record losses. Low cost of slaughter services (charges/prices) against high cost of operations as butchers consider the company as a social project. Butchers are to be educated to accept the fact that, the company can only be viable if realistic slaughter rates are charged. Board of company working on the above.
7. GICEL (Shareholder Advance)
GICEL failed to settle the first instalment of GH¢62,206.97 scheduled for 9th November 2020, due to cash flow challenges occasioned by refusal of tenants to pay rent to the company during a pendency of a court case at the High Court.
The litigation that caused the company to take the loan from SSNIT was determined in favour of SSNIT/GICEL by the High Court on 21st October 2020. However, the plaintiff (Ghana National Association of Garages), dissatisfied with the ruling, filed an appeal at the Court of Appeal, Accra. The appeal case is pending.
In March 2021, SSNIT used a portion of SSNIT Weija Branch’s rent due to the company (GH¢31,878.00) to defray part of the loan owed to SSNIT. The company made another payment of GH¢50,000.00 on 27th August 2021. SSNIT and GICEL (i.e., the defendants) are working together to legally secure the ownership of the estate so as to sustain the company’s operations to enable it to service the loan”.
Small business health insurance in the United States
When looking for health insurance for a small business, there are several options to consider. It is critical to consider all of your options and choose the one that is best for your small business and its employees. Here are some examples:
- Group Health Insurance Plans: Small businesses can frequently purchase group health insurance plans for their employees. Individual plans typically offer more coverage at a lower cost. Group health insurance plans are available from insurance companies or state or federal marketplaces such as Healthcare.gov.
- Professional Organizations: Some professional organisations offer their members health insurance. Check with your professional organisation to see if they offer health insurance.
- HRAs: HRAs enable small businesses to reimburse their employees for individual health insurance premiums or medical expenses. The employer sets aside a certain amount of money for each employee to use towards healthcare costs. Both the employer and the employee may be able to deduct HRAs.
- HSAs (Health Savings Accounts): HSAs allow employees to save money for medical expenses before taxes. Employees may be eligible for an HSA if your small business offers a high-deductible health plan. HSAs can benefit both the employer and the employee.
- Small businesses can benefit from the assistance of insurance brokers in locating and comparing health insurance options from various providers. A broker can help you understand your options and choose the best plan for your needs and budget.
How does insurance work?
Insurance is a risk management strategy. You pay a fee to the insurance company when you purchase an insurance (known as a premium). In exchange, the insurance company agrees to pay for certain expenses or losses if they occur. Depending on the type of insurance, it works differently. Here are several examples:
- If you have health insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of your medical bills if you get sick or injured. Your coverage will vary depending on the plan you choose, but most health insurance policies cover doctor visits, hospital stays, and prescription medications.
- If you have car insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of the costs associated with an accident or theft. Car repairs, medical bills if you or someone else is injured, and legal fees, if you are sued, are all possibilities.
- If you have homeowners insurance, you must pay a premium to an insurance company. In exchange, the insurance company agrees to pay some or all of the costs of repairing or replacing your home and personal property. This could include damage caused by fire, theft, or severe weather.
When you file a claim, you usually have to pay a deductible before the insurance company starts covering the costs. The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. The amount of the deductible varies depending on the type of insurance and the specific plan.
It is critical to choose an insurance plan that meets your needs as well as your budget. If you’re not sure what kind of insurance you need, an insurance agent or broker can help you understand your options and choose the best plan for you.
What insurance coverage means?
Insurance coverage refers to the protection provided by an insurance policy. When you purchase insurance, you are essentially purchasing protection against specific risks. If one of these risks occurs, your insurance provider will provide financial protection or reimbursement up to the policy limits.
Your coverage can vary greatly depending on the type of insurance you have. As an illustration:
- Doctor visits, hospital stays, prescription drugs, and preventive care are all typical health insurance benefits. Depending on the plan you choose, the specific benefits and levels of coverage vary.
- Auto Insurance Coverage: Common benefits of auto insurance coverage include liability protection if you cause an accident, collision coverage if your car is damaged in an accident, and comprehensive coverage if your car is damaged or stolen.
- Protection for your home and personal property, liability protection if someone is injured on your property, and additional living expenses, if you are forced to leave your home due to a covered loss, are all common benefits of homeowners insurance coverage.
It is critical to understand the coverage provided as well as any limitations or exclusions when choosing an insurance policy. You should also think about the premiums, deductibles, and any other policy terms and conditions. By having insurance coverage, you can protect yourself and your assets from unexpected events and financial losses.
What is US health insurance?
Health insurance in the United States is a type of insurance that protects you financially from medical expenses. In the United States, health insurance is typically provided by private insurance companies or through government programmes such as Medicare and Medicaid.
There are several types of health insurance plans, including:
- HMO: A type of plan in which you must choose a primary care physician and obtain referrals to see specialists. HMOs frequently have lower out-of-pocket costs than other types of plans.
- Preferred Provider Organization (PPO): A health insurance plan that allows you to see any provider but has higher out-of-pocket costs if you go outside the network.
- Point of Service (POS): A healthcare plan that combines the advantages of HMOs and PPOs. You usually have a primary care physician and need referrals to see specialists, but you can see providers outside the network for a fee.
- High Deductible Health Plan (HDHP): A plan that has a high deductible but lower premiums. HDHPs are frequently combined with a Health Savings Account (HSA), which allows you to save money for medical expenses before taxes.
Health insurance is commonly provided through employer-sponsored plans in the United States, but individuals can also purchase insurance through the Affordable Care Act’s (ACA) marketplace or directly from insurance companies. Subsidies are also included in the ACA to help low-income individuals and families purchase health insurance.
It is critical to choose a health insurance plan that meets your needs as well as your budget. Consider the cost of premiums and deductibles, the provider network, and the plan’s benefits and coverage levels.
Health Insurance Exchange: Here is all you need to know
A health insurance exchange, also known as a health insurance marketplace, is a platform established by the Affordable Care Act (ACA) for the purchase of health insurance by individuals and small companies. The exchange is an online marketplace where people may evaluate insurance plans from various firms and enrol in the plan that best meets their requirements. The health insurance market provides a variety of health plans that fulfil the ACA’s basic criteria, including essential health coverage. These benefits include hospitalisation, prescription medications, preventative care, and other services.
The exchange not only provides a venue for people to purchase health insurance, but it also provides financial aid to those who qualify. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Individuals and small companies must first create an account and enter information about their household size and income to enrol in a health plan through the exchange. They may then explore and compare the numerous options to choose the one that best meets their requirements.
Each year, the health insurance exchange is available for enrollment for a certain period known as the open enrollment period. Individuals may be allowed to enrol in a plan beyond this time if they encounter a qualified life event, such as leaving their job or getting married.
What exactly is a Health Insurance Exchange Program?
A Health Insurance Exchange Plan sometimes referred to as a Marketplace plan, is a form of health insurance plan that is available through a health insurance exchange. The exchange is a marketplace where people may shop for and compare health insurance policies from various insurance firms. These plans satisfy the ACA’s minimum coverage criteria, including the essential health benefits. Those who do not have access to affordable coverage via their job or who are self-employed can enrol in health insurance exchange plans. They are also open to small firms with less than 50 employees.
One of the primary benefits of health insurance exchange plans is that people who qualify might get financial help. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Metal levels are commonly used to describe exchange plans: bronze, silver, gold, and platinum. The metal tier indicates the degree of coverage provided by the plan and affects the amount of cost-sharing that the user will bear. Platinum plans have the highest premiums but the greatest out-of-pocket expenses, whereas Bronze plans have the lowest premiums but the highest out-of-pocket costs.
Health insurance market plans also provide a variety of benefits, such as hospitalisation, prescription medication coverage, preventative care, and more. They also have a provider network that clients must adhere to get coverage, with a few exceptions for emergency treatment. Consumers should carefully assess their healthcare requirements and finances before choosing a health insurance exchange plan. Consumers should also assess the provider network, prescription medication coverage, and out-of-pocket costs of the plan. Consumers may choose an inexpensive plan that fulfils their healthcare requirements by carefully researching their alternatives.
What is an exchange policy insurance?
A health insurance exchange policy, also known as an exchange plan, is a form of health insurance coverage that is available through a health insurance exchange or marketplace. The Affordable Care Act (ACA) established health insurance exchanges to offer individuals and small companies a consolidated platform for purchasing health insurance coverage. An exchange policy satisfies the ACA’s minimum coverage criteria, including coverage for hospitalisation, prescription medications, preventative care, and other essential health benefits. These plans are divided into metal categories, which include Bronze, Silver, Gold, and Platinum, with each tier signifying the degree of coverage and cost-sharing that the consumer will be responsible for.
One of the most important aspects of exchange policy insurance is that it provides financial aid to individuals who qualify. This support takes the form of premium tax credits and cost-sharing reductions, which can help lower-income people buy health insurance. Consumers must first register an account on the health insurance exchange and give information about their household size and income before purchasing exchange policy insurance. They may then explore and compare the numerous options to choose the one that best meets their requirements.
Exchange policy insurance plans generally have a provider network that customers must adhere to get coverage. However, there are certain exclusions for emergency treatment and out-of-network services. Consumers should carefully assess their healthcare demands and money before choosing exchange coverage insurance. Consumers should also assess the provider network, prescription medication coverage, and out-of-pocket costs of the plan. Consumers may choose an inexpensive plan that fulfils their healthcare requirements by carefully researching their alternatives.
How do I check my health insurance status?
You may verify your health insurance status and ensure that you are aware of your coverage levels and perks by doing the procedures outlined below. This can assist you in making educated healthcare decisions and avoiding unexpected expenditures. There are numerous measures you may take to determine your health insurance status.
- Examine your insurance policies: Begin by going over any paperwork you have from your health insurance provider, such as your insurance card, a summary of benefits, and an explanation of benefits (EOB). These documents may contain details about your plan, including as coverage levels, deductibles, and copayments.
- Call your insurance company: You may check your health insurance status by contacting your insurance provider directly. Contact the customer service number shown on your insurance card and inquire about your existing coverage, including the start and end dates of your policy, the benefits of your plan, and any deductibles or copayments you may be required to pay.
- Check online: Several insurance companies give online portals where you may check the status of your health insurance. These websites may provide information about your coverage, claims, and account balance. Often, you may access the online portal via your insurance provider’s website or mobile app.
- Contact your workplace: If you have health insurance via your employer, you may check your coverage status by contacting your human resources department. They may tell you about your plan’s coverage levels, deductibles, and copayments.
How to Get Health Insurance While Self-Employed or Unemployed
Nobody expects to get sick or wounded, but when it does, it’s critical to be prepared. Health insurance is a crucial instrument for everyone to protect against unexpected medical bills and to provide essential benefits that aid in the maintenance and improvement of health and well-being. While weighing your healthcare insurance alternatives, carefully assess the pricing, coverage, and network of each plan to determine which is the best fit for your requirements and budget. Finding health insurance as a self-employed individual might be difficult, but there are solutions accessible to you. Here are a few examples:
- Individual and family health insurance policies are available through the Health Insurance Marketplace, popularly known as Obamacare. You may shop for plans on Healthcare.gov and see if you qualify for financial help based on your income.
- Group plans: You might also join a group plan offered by a professional organisation or trade association. If you are self-employed but have a small staff or operate with independent contractors, this might be a suitable alternative.
- HSAs (Health Savings Accounts): HSAs are tax-advantaged accounts that can be used to pay for eligible medical costs. As a self-employed person, you can establish your own HSA and contribute tax-free funds to it to meet medical expenditures.
- Private plans: You can also buy a private health insurance plan directly from an insurance provider. This solution may be more expensive than others, but it may give more coverage and network flexibility.
Here are some Important Healthcare Terms to Help You Choose a Plan
- Deductible: The amount of money you must spend for medical care before your health plan begins to share costs. For example, if your yearly deductible is $3,000, you will be responsible for all treatment (excluding preventative care like annual check-ups) until you have spent $3,000. Pick a health plan with a deductible that you can afford, as this will come out of your own wallet if you have healthcare bills. Additionally, be sure the plan you’re thinking about has a separate deductible for healthcare services and pharmacy – you’d be paying for both.
- Copay: A copay is a one-time cost paid when you see the doctor or fill a prescription at the pharmacy. Copays, which are included in certain plans, cover your share of the cost of a doctor’s visit or medicine. If you choose a health plan with copays, the amounts will be printed on your ID card.
- Out-of-pocket maximum: This is the most you may spend for approved medical costs in a calendar year. This figure includes money spent on deductibles, copays, and coinsurance. If you hit your yearly out-of-pocket maximum, your health insurance will cover all covered charges for the remainder of the year.
- Network: A network is a collection of medical care providers, such as physicians, pharmacists, and specialists, that have agreed to serve clients of certain health plans. Be sure your and your family’s chosen physicians and pharmacies are in the network of the plan you’re considering. Otherwise, you’ll incur unnecessary charges for out-of-network services.
- Coinsurance: Instead of copays, plans might offer coinsurance, in which you pay a part of the expenses for covered treatments and your health insurance covers the remainder. Your coinsurance normally kicks in after you hit your deductible, depending on your plan.
- Essential health benefits: A package of services required by the Affordable Care Act (ACA) for all health insurance plans, including preventative care, emergency treatment, and mental health services.
- Prior approval is required: Before seeking a service or treatment, obtain approval from your insurance company to check that it is covered under your plan.
Taking the Time to Understand Mental Health Coverage in a Plan
While choosing a healthcare plan, it’s critical to understand the plan’s mental health coverage. Mental health care is critical for general health and well-being, and the coverage provided by your healthcare plan can have a big influence on your treatment options and expenses. To better understand a health insurance plan’s mental health coverage, you should generally consult the Summary of Benefits. There will usually be a line that describes coverage for mental health, behavioural health, or drug addiction services. Depending on your mental health needs, this may be one of the decisive considerations in your plan selection.
Examine plan brochures to discover if there are any extra plan elements that affect access to mental healthcare. Even if you haven’t been diagnosed with a mental health disorder, a plan that includes behavioural health coverage can assure you access to specialist care if you need it. Evernorth released new research in the Journal of the American Medical Association indicating that, when necessary, outpatient behavioural therapy can dramatically lower your total healthcare expenditures, including medical and pharmaceutical costs.
Understanding the mental health coverage of a healthcare plan allows you to make an informed decision about which plan is appropriate for your mental health requirements and budget. If you have any further queries, please contact the plan’s customer care.
Navigating the Many Varieties of Health Plans
Navigating the many types of health plans can be difficult, but it is critical to understand your options so that you can select the best plan for your requirements and budget. You can make an informed decision about which plan is appropriate for your healthcare requirements and budget if you understand the many types of health plans. Before making a selection, thoroughly consider the plan’s pricing, coverage, and provider network.
- Health Maintenance Organization (HMO): An HMO is a type of plan in which you must select a primary care physician (PCP) who will oversee all of your medical treatment. To get coverage, you must remain inside the HMO’s network of providers, with a few exclusions for emergency treatment.
- Preferred Provider Organization (PPO): A PPO is a more flexible form of a plan than an HMO. You can see any provider inside the PPO’s network, but you will pay less if you see an in-network provider.
- Point of Service (POS): A POS plan combines an HMO with a PPO. You must normally select a PCP and stay inside the network, however, you may be able to visit out-of-network providers at a greater fee.
- Exclusive Provider Organization (EPO): An EPO is comparable to an HMO but does not need you to select a primary care physician (PCP). To get coverage, you must stay inside the network of providers, with a few exclusions for emergency treatment.
- High-Deductible Health Plan (HDHP): An HDHP is a form of health insurance plan that has a high deductible and reduced premiums. It normally covers preventative care and catastrophic occurrences, but you must pay out-of-pocket for the majority of other services until your deductible is met.
- Catastrophic Health Plan: A catastrophic health plan is one that has very low monthly premiums but substantial out-of-pocket expenditures. It is intended to protect you against serious medical crises and is normally accessible exclusively to people under the age of 30 or who qualify for a hardship exemption.
Health Plans for Younger People
If you’re in good health and don’t need to see a doctor frequently, health plans with larger deductibles usually have cheaper insurance rates and may help you save money. All plans accessible via the ACA Marketplace include free basic preventive treatments. This includes a yearly physical, necessary screening tests, and vaccinations. Your healthcare requirements are distinct, and they will evolve over time. While choosing a plan, consider what you could require in the following year rather than merely your age.
Health Insurance for Children’s Families
If you have children, estimating your healthcare costs may be more difficult. A playground mishap, a case of respiratory syncytial virus This link will take you to a new tab. (RSV) or the flu, as well as other diseases or accidents, can quickly increase expenditures. A plan with a lower deductible and a higher premium that covers a bigger proportion of your medical expenses may be beneficial for your family.
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