The Auditor-General of the Republic of Ghana is chasing the Social Security and National Insurance Trust (SSNIT) to initiate steps to sanction and help prosecute officials responsible for the loss of $11.79 million SSNIT cash from the liquidations of three of the trust’s investments with a total cash outlay of $14.768 million.
It will be recalled that several irregularities and cash misappropriation was found at SSNIT by the Auditor-General in a 2020 report on the Public Accounts of Ghana – public boards, corporations and other statutory institutions.
The Auditor-General is recommending sanction for the officials behind the transaction while steps are taken to prevent such botched deals from re-occuring.
“We urge 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 Auditor-General stated.
Details show SSNIT invested US$6.08 million in Ningo Salt Limited (NSL) in July 2005, US$3,650,000 in Granite and Marbles Limited in July 1994, and US$5,038,153 in Canada Investment Fund for Africa (CIFA) in June 2005 which liquidations led to the massive bleeding by SSNIT.
SSNIT has tried to explained that it has recovered US$4.15 million out of US$11,794,109 lost through the liquidation of three companies, as cited in the 2020 Auditor-General’s Report.