SSNIT management ‘deny’ $11.7 million investment loss assertion by Auditor-General
The current management of the Social Security and National Insurance Trust (SSNIT) has reacted to an assertion by the Auditor-General indicating that the Trust in 2020 lost some $11.7 million in the liquidation of three (3) of its investments.
According to the Auditor-General, the lost amount is out of a total amount of $14.7 million investment commitments made by the Trust.
The Auditor-General in the report, therefore, advised the Trust to investigate the non-performance of the investments with the aim of ensuring value for money.
But in a response to the assertion made by the Auditor-General in a press release dated August 13, 2021, the current management of the Trust posits that the said losses in investments predate the current administration with some of the losses dating as far back as 1985.
Adding that the Trust was saddled largely with non-performing investments prior to its [management] constitution in 2017.
Related Story: AG report reveals SSNIT lost $11 million in liquidations of 3 investments
Management of the Trust further adds that despite the non-performing investments of the institution, significant strides under the current management have been made to rebalance the Trust’s investments with some savings of over Ghs 231 million on legacy investments being made through renegotiation since 2017.
Management further states that to prevent future occurrences of losses in investments, it has developed a new investment policy that better controls the Trust’s investments processes, adding that professionals and experts have also been appointed to Boards of subsidiary companies of SSNIT which has led to major improvements in the corporate governance of these entities resulting in better returns on investments.
Read below details of SSNIT’s presss release:
Media Release 4 by Fuaad Dodoo on Scribd
