SSHFC oversees the entire project management for its housing developments

The state social security agency is investing heavily in The Gambia’s economy, and is a prime mover in the construction sector where opportunities for partnerships abound

ONE OF THE GAMBIA’S largest financial
institutions is not a financial institution per
se, but the country’s Social Security and Housing Finance Corporation (SSHFC).

With net profits of $94 million last year and stakes in most of the country’s banks, SSHFC, whose funds are worker-held, has activities in both social security and housing development as well as being a major investor in the national economy.

“By far, our biggest portfolio is the social security component,” says Managing Director Tumbul K. Danso. “Because of the amalgamation of all the resources in these companies, we are the number one financial institution in the country. We are far bigger than all the banks operating in The Gambia. Because of that, we have strong links with almost all the financial institutions.

“In addition, we have been actively investing in housing projects since 1982, and we are the biggest provider of mass housing in the country.”

Danso adds that SSHFC has also invested heavily in the central bank’s treasury bills, where the institution boasts of the largest portfolio of T-bills. Apart from its involvement in the country’s financial sector (SSHFC owns 37% of Trust Bank Ltd, 16% of Standard Chartered Bank, and 23% of AGI Bank), SSHFC also has equity investments in many of the country’s small- and medium-sized companies, effectively providing capital support to a number of budding industries.

“This way, we are able to ensure that some of these companies that are not doing very well can pick themselves up and start operating successfully;” says the managing director.

SSHFC also generates economic activity through its housing developments, creating employment in construction and stimulating related industries such as building materials. The agency oversees the entire project management on its projects from hiring contractors to managing mortgages.

The agency is keen on involving private companies in its activites. Danso says, “We are very interested in any viable partnership. We see ourselves as a catalyst for development, and we keep ourselves open to all sorts of opportunities.”