SIC Financial Services Ltd (SIC-FSL) has announced a 20 percent salary reduction for its Managing Director and all staff, effective October 2025, as part of a new set of cost-cutting measures to restore the company’s financial stability.

The move, led by Acting Managing Director Dr. Sa-ad Iddrisu, is aimed at streamlining operational expenses and positioning the company for a turnaround after years of challenges linked to the 2022 economic crisis.

In a statement, management assured the public that SIC-FSL remains open for business and will soon introduce a range of new products, the first of which is expected by the end of the fourth quarter of 2025.

Dr. Iddrisu also addressed concerns of existing clients, noting that the company is actively engaging with the government to settle outstanding obligations.

“Your investments are important to us, and we are working tirelessly to turn the fortunes of the company around for your benefit,” he said.

The company also appealed to its debtors, including contractors and SMEs, to settle their obligations once payments for government contracts are received, stressing that their cooperation is crucial to SIC-FSL’s recovery.

The latest salary cuts form part of broader efforts to revive SIC-FSL’s operations and restore public confidence in one of Ghana’s notable financial services providers.