Auditor General Chases SSNIT Officials Over $12mill
The Auditor-General is determined to deal with the official whose actions and inactions leads to loss of revenue for the state. The office is chasing officials of the Social Security and National Insurance Trust (SSNIT) responsible for the loss of $11.79 million.
The loss was from the liquidations of three of the trust’s investments with a total cash outlay of $14.768 million.
The amount is just one of several irregularities at SSNIT uncovered by the Auditor-General in its 2020 report on the Public Accounts of Ghana – public boards, corporations and other statutory institutions.
Reports by myjoyonmine.com quoting from the Auditor General’s report said explained that concerning the $11.47 million loss, the Auditor General has asked management to investigate the nonperformance of the investment to ensure value for money and ensure that officers whose actions led to the loss are appropriately sanctioned.
This was partly due to the Trust’s inability to put in place strict measures to ensure that the Ghana Road Fund issue a letter of authority to the Ghana Commercial Bank and Bank of Ghana to pledge and place a lien on the Road Fund account to recover the monthly installments in line with paragraph 11 of the Loan Agreement.
SSNIT could also not provide the supporting documents for ¢140.1 million debt disclosed in the 2019 trial balance as government of Ghana portion of Student Loan.
The Auditor-General found another bad investment.nt in Bridal Trust. The management of SSNIT were compelled to propose to the Board to write off losses of ¢26.8 million due to the official liquidation of Bridal Trust which could only pay ¢5.4 million out of its accumulated loan of ¢32.3 million.