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30 August 2017

Publish details of SSNIT’s $72 million audit – TUC to Board

The Trades Union Congress (TUC) wants the outcome of the audit of the Social Security and National Insurance Trust’s (SSNIT) $72 million Operational Business Suite (OBS) contract public.

The TUC in a statement welcomed the probe, that has been brought on by the trust’s $72 million acquisition of Operational Business Suite (OBS) software in 2012.

The current Board of SSNIT has since engaged the services of an audit firm, Price Waterhouse Coopers (PwC) to audit the transaction.

The TUC said it would “await the outcome of the audit before taking further action,” after its Steering Committee meeting on Tuesday.

It assured workers that it would see to the security of the fund and cautioned the “managers of SSNIT to recognize that the retirement income security of millions of Ghanaian workers is in their hands and that any act that jeopardizes the Pension Scheme will not be tolerated.”

Aside from the audit, about five people are currently being investigated by the EOCO for their involvement in the acquisition of the software.

Concerns with SSNIT’s operations extend to its investment strategies with watchers indicating that almost 50 percent of its investments were reaping negative returns.

Citi News recently confirmed that SSNIT and SIC Life’s shareholding in UMB have been diluted by 50% following what has been described as their lack of understanding of the transaction they entered into with Fortiz in the takeover of the erstwhile troubled Merchant Bank.

Find below the full statement

Press Statement

At its regular Steering Committee meeting held today, 29th August 2017, the TUC deliberated extensively on the numerous scandals at the Social Security and National Insurance Trust (SSNIT).

We welcome the audit commissioned by the Board of Directors. The TUC will await the outcome of the audit before taking further action.

We expect that the audit is conducted with dispatch and that the outcome would be made public.

The TUC would like to assure the working people of Ghana and the general public that it will work with the other representatives of Labour on the SSNIT Board to secure the Fund.

We urge managers of SSNIT to recognize that the retirement income security of millions of Ghanaian workers is in their hands and that any act that jeopardizes the Pension Scheme will not be tolerated.

Dr. Yaw Baah

Secretary General

For: Trades Union Congress (Ghana)

Accra, 29th August, 2017

By: Delali Adogla-Bessa/citifmonline.com/Ghana

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