The State Insurance Company (SIC) Financial Services Ltd has announced a 20% salary cut for all workers including the Managing Director beginning October 2025.
This was contained in a statement issued on Thursday, September 11, 2025 by the Acting Managing Director of the company, Dr. Sa-ad Iddrisu.
According to the company, this decision is part of efforts to salvage the company from financial distress.
“As part of efforts to salvage SIC Financial Services Ltd (SIC-FSL) and bring it back to GLORY, Management, led by Dr. Sa-ad Iddrisu, has decided to cut the Managing Director’s and all staff salaries by 20%, effective next month, October 2025,” the statement said.
The company says the move aligns with new cost-cutting measures implemented by management to streamline operational expenses.
The company assured the public that it is still operating and open for business and will roll out new products with the first set of products expected to be available by the end of the fourth quarter of 2025.
The statement stressed that the company is seeking assistance from government to settle all existing clients who have investments with SIC Financial Services Ltd.
“To our cherished existing clients, we understand the challenges you’ve faced due to the past economic crisis in 2022.
“We want to assure you that we are actively seeking assistance from the government to settle all of you. Your investments are important to us, and we are working tirelessly to turn the fortunes of the company around for your benefit,” the statement added.
The company also called on its debtors, including contractors and SME’s to settle monies owed.
“To our debtors, including contractors and SME’s, we are counting on you. We trust that you will pay us what you owe once you receive your payments for your contract certificates from the government. Your cooperation is crucial for our collective success,” the statement concluded.
SIC Financial Services Limited (SIC-FSL) is an investment firm in Ghana. A subsidiary of SIC Insurance Company and SIC Life Company and offers a wide range of financial services to individuals, corporations, and institutions.
The firm is a licensed investment advisor and broker-dealer by the Securities and Exchange Commission (SEC) and is a member of the Ghana Stock Exchange (GSE).
It serves diverse group of clients, including individuals, small- and medium-sized enterprises (SMEs), corporate institutions, and government entities.
