In a bold move aimed at reviving its fortunes, SIC Financial Services Limited (SIC-FSL) has announced a 20 percent salary reduction for its Acting Managing Director, Dr. Sa-ad Iddrisu, and all members of staff.
The measure, which takes effect from October 2025, is part of a broader cost-cutting strategy designed to streamline the company’s operations and restore stability.
Dr. Iddrisu, announcing the decision, underscored that the decision, though difficult, was necessary to ensure the survival and eventual growth of the company.
“As part of efforts to salvage SIC Financial Services Ltd (SIC-FSL) and bring it back to glory, management, led by myself, has decided to cut the Managing Director’s and all staff salaries by 20%, effective next month, October 2025”.
Dr. Sa-ad Iddrisu,
The Acting Managing Director noted that the decision was taken in alignment with new operational measures to reduce overheads and redirect funds into stabilizing key areas of the business.
The initiative, according to him, is expected to help the company reposition itself to take advantage of new opportunities in the financial services sector. Dr. Iddrisu assured clients and the general public that despite the ongoing restructuring, SIC-FSL remains open for business.
He revealed that the company is preparing to launch new financial products to enhance its portfolio, with the first set expected to be rolled out by the end of the fourth quarter of 2025.
“We wish to assure the public that SIC-FSL is still open to taking on new businesses from clients and shall be rolling out new products as well, with the first set of new products expected to be available by the end of the fourth quarter of 2025”.
Dr. Sa-ad Iddrisu
Settling Outstanding Obligations
Addressing concerns of existing clients, many of whom were affected by the financial sector challenges that rocked the country in 2022, Dr. Iddrisu acknowledged their frustrations but assured them of management’s commitment to restoring trust and confidence.
He explained that the company has begun engaging the government for support to settle outstanding obligations.
“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”.
Dr. Sa-ad Iddrisu,
The statement also highlighted the role of debt recovery in strengthening the company’s financial position. According to Dr. Iddrisu, SIC-FSL is counting on its debtors, particularly contractors and small and medium enterprises (SMEs), to honor their commitments once they receive payments for government contracts.
“To our debtors, including contractors and SMEs, 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”.
Dr. Sa-ad Iddrisu,
The SIC-FSL’s challenges mirror the broader difficulties faced by Ghana’s financial services industry in recent years. The 2022 economic downturn and financial sector clean-up strained many institutions, with some collapsing under the weight of non-performing loans, poor governance, and regulatory bottlenecks.
For SIC-FSL, the new cost-cutting initiative represents both a symbolic and practical step in showing accountability. By subjecting both management and staff to equal sacrifice through salary cuts, the company signals its determination to survive the turbulence and work towards rebuilding a sustainable future.
Dr. Iddrisu concluded his statement on an optimistic note, stressing that the sacrifices made today would pay off in the near future.
He expressed confidence that the combined efforts of management, staff, clients, and debtors would position the company to reclaim its relevance in Ghana’s financial services landscape.
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