The Social Security and National Insurance Trust (SSNIT) has once again been exposed after it lost about 67 million Cedis of pension funds through bogus investment.
According to the Auditor General’s report released a few days ago, 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.
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.
This is not the first time the Trust has invested Pensioners money on bogus Ventures, as the past management are currently in court over their decisions in the past.
Source: GhanaFeed.Com