SSNIT Throws Away US$254million Of Pensioners Money Given Away As Loans – Bright Simons Blows Cover

IMANI Ghana’s Vice President in charge of Research, Mr. Bright Simons, has highlighted a 97.4% loss in the total amount of loans that the Social Security and National Insurance Trust (SSNIT) advanced companies.

In a tweet commenting on SSNIT’s 2020 annual report, he points out that the percentages translate into a whopping $254million.

And the amount is out of a total of US$300million that SSNIT gave out in loans.

“Ghana’s largest pension fund, the State-owned SSNIT, per its latest published annual report, has issued Corporate loans totaling $300m, of which an amazing $254m have so far gone bad,” he tweeted.

Mr. Simons then provides a tabling of the losses which shows that the loans had been advanced to the financial, service, manufacturing and Real Estate sectors.

“For those asking whether anything has changed since 2018, the answer is yes. 97.4% of the loan book has gone bad as of the 2020 financial year ($299m/300m). for those who prefer IFRS 9 jargon, 97.4% of loans are “stage 3 impaired” per the Auditor. Presumably, that sounds better,” he wrote.

Source: WhatsupNewsGhana