The wasteful use of pensioners funds has caught up with the Social Security and National Insurance Trust (SSNIT) which has been exposed for running three of its investments into bankruptcy with losses totalling $11.79 million (approximately GHC 67 million).
The state social security company had spent some US$ 14.768 of scarce funds owned by Ghanaians pensioners and still managed to lose their gamble big time, according to the 2020 Auditor-General’s Report released a few days ago.
The A-G wants a thorough investigation of SSNIT’s management board to ascertain the culprits in the bogus investments that had caused financial losses to the state.
“We urged Management to investigate the non-performance 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 stressed.
Furthermore, the audit report revealed that despite the requirement of Section 90 of the Public Financial Management Act 2016, SSNIT did not receive any returns in the form of value appreciation or dividend in its investments in nine
“We urged management to investigate the nonperforming investments of the 15 companies and ensure value for money is achieved. We also advised management to perform thorough feasibility studies before undertaking any investments of like nature.”
SSNIT has been incessantly bashed by civil society organisations for its senseless investments that only impoverish pensioners on whose behalf it was making those investments.
While the Trust racks up these massive losses that affect their ability to pay fair pensions, its top management are feeding fat on extreme salaries and allowances.