Sanction SSNIT officials responsible for $11m pensions investment loss – Auditor-General

2020 Audit report found $11m loss in pensions investment

SSNIT failed to retrieve GH¢146.9m loan from Ghana Road Fund

Ghana’s Auditor-General, Johnson Akuamoah Asiedu, has urged the management of SNNIT to punish the officers responsible for the $11m loss in pensions investment.

The Auditor-Generals recommendation which was captured in the 2020 Audit Report, also urged SNNIT’s management to properly investigate the person responsible for the investment of the pensions fund to ensure that such a loss was never recorded again.

The report also urged the management to ensure that proper and effective feasibility studies were done before the pensions funds are invested per the mandate of SNNIT.

“We urged Management to investigate the nonperformance of the investments for all to ensure value for money and ensure that officers whose action led to the loss are appropriately sanctioned for the loss.

“We further urged Management to ensure that effective feasibility studies are carried out before investing”, the report said

The AG also asked SSNIT (Social Security and National Insurance Trust) management to ensure that effective feasibility studies are carried out before investing.

Aside from the 11 million loss, the Auditor-General’s Report on Public Accounts of Ghana 2020 also found that SSNIT also failed to retrieve an outstanding loan balance of GH¢146.9 million from the Ghana Road Fund as of December 31, 2019.

The report also found several infractions including SSNIT’s inability to provide documents for GH¢140.1 million student loan debt and a bad investment with Bridal Trust which led to nearly GH¢27 million loss.