Finance Minister Rexon Ramofafia calls for responsible SINPF investment to protect members’ savings and support economic growth.
By; Steven Kamoa
Finance Minister and Treasury Rexon Ramofafia says the Solomon Islands National Provident Fund (SINPF) can play a greater role in the national economy while protecting the retirement savings of its members.
Speaking at SINPF’s 50th anniversary celebration, Ramofafia said the fund had the potential to support economic activity through carefully managed, long-term investments.
He said SINPF was already an important institutional investor and could consider opportunities in sectors including infrastructure, housing, telecommunications, tourism, fisheries, energy and financial services.
“The purpose of investment is not simply to make the fund bigger. The purpose is to generate sustainable return for members while, where appropriate and commercially sound, contributing to the development of our economy,” he said.
Ramofafia said successful investments could support businesses, employment and economic opportunities by directing savings into productive areas of the economy.
At the same time, he said SINPF should not be expected to finance every government priority or take on unnecessary investment risks.
He said government’s role was to provide an appropriate policy and regulatory environment, while the private sector remained responsible for developing businesses and creating jobs.
SINPF, he said, should maintain its primary responsibility to members while operating as a long-term investor.
Ramofafia linked the fund’s future role to its 50th anniversary theme of “Trust, Stability and Growth.”
“Trust gives us the confidence of our members. Stability gives us the discipline to protect their savings. And growth allows those savings to generate return and, where appropriate, contribute to the development of our economy,” he said.
Looking ahead, Ramofafia also called for SINPF to modernise its operations, expand the use of digital technology, improve member services and strengthen its investment management.
He said responsible investment could create economic opportunities while maintaining confidence in the fund and protecting members’ savings.
