SSB Says No Formal Proposal Yet on Possible Investment in Hydro Belize

The Social Security Board (SSB) has not yet received any formal proposal regarding a possible investment in the recently acquired Fortis assets, according to its newly appointed Chief Executive Officer, Jerome Palma.

While the government has already completed the purchase, Palma said that SSB has not been provided with any details for review.

“What has been in the public sight is that the government has purchased Fortis Belize, and I think it has been renamed as Hydro Belize,” he said. “The opportunity for SSB is one that we still have to look at. It has not come to us fully for us to look at.”

He noted that many Belizeans may view the investment as promising, but the Board must follow its established processes before committing contributors’ funds.

“When that opportunity comes to us, we have to do our due diligence to appreciate exactly what it is, what it entails, what it would cost, what the returns would be,” he explained. “And that’s an exercise we still have to go through.”

Palma said any investment of this size must be fully assessed to ensure it aligns with the fund’s responsibilities to contributors and pensioners.

He also discussed the broader outlook for SSB investments, noting that reserves continue to grow and that the fund will need to invest wisely as the economy expands. Possible opportunities include municipal bonds or development projects.

Palma was appointed to the post a month ago. He said his primary focus is on advancing the four strategic priority areas identified by the Board. “From where I sit as CEO, I have the function of operationalising it. To make sure, from an administration and a management perspective, we can push forward with those priority areas,” he said.