EDITORIAL: Social security contributions should be managed wisely

Last year, Rwanda Social Security Board (RSSB) occupied centre stage in the media all for the wrong reasons. The body that is supposed to manage employees’ social security contributions, came out as more interested in making profits than improving the social welfare of its members. Many criticised the board’s priorities when it unveiled “affordable” housing with the cheapest unit going for as much as over Rwf 100 million, well beyond the reach of the majority. This week, RSSB leadership appeared before Parliament to explain the unilateral haphazard investment decisions by its executive arm. It emerged that billions were invested in ventures that are yet to pay dividends, and without the knowledge of the Board of Directors. While the script by those who appeared before the House reads more like passing the buck and shifting blame to the previous administration, more oversight is needed, especially in critical organisations such as RSSB. While it makes sense for RSSB to place the contributors’ money in safe and profitable investments, it also should shift focus to where the money can do maximum good; ensuring the welfare of Rwandans. It would also take oversight if public bodies were more open to scrutiny by the beneficiaries; by the public making good use of the Access to Information Law that many do not even know exists. Through the law, the public has been empowered to question the rationale of some of the decisions taken in their names and how public accounts are managed. We should not wait for the Office of the Auditor General’s report before taking public organs to task, but exercise responsible citizenship by being the vanguard in protecting social and economic investments.

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EDITORIAL: Social security contributions should be managed wisely