The Parliamentary Accounts Committee (PAC) has lauded the Social Security and National Insurance Trust (SSNIT) for the efforts the Trust took to increase its net income in 2020.
Reviewing the financial performance of the Trust during the period, the Member of Parliament (MP) for Sissala East constituency, Amidu Chinnia Issahaku, commended the Trust for the efforts made.
“I agree with you. You had a surplus of GHS 1.141 billion recorded in 2020 and that is commendable. Your non-current assets increased by 13.6% from GHS 10.115 billion recorded in 2020 to GHS 11.833 billion recorded in 2021 and that is also commendable”, he noted.
This came to light when the Director-General of SSNIT, Dr John Ofori-Tenkorang, appeared before the Public Accounts Committee (PAC) of Parliament Monday to answer questions relating to the findings raised by the Auditor-General in its 2022 reports.
In efforts to increase the liquidity ratio of the Trust, Dr Ofori-Tenkorang, highlighted the various initiatives the Trust is spearheading.
He emphasised that SSNIT continues to engage the Controller and Accountant General’s Department regarding the payment of contributions.
“We have embarked on various operational activities and recovery efforts, among them are the steps being taken to retrieve the outstanding 4% Tier 2 contributions from the fund managers”, he said.
In view of this development, the Minister of Employment and Labour Relations, Ignatius Baffour Awuah, is expected to meet key stakeholders in the pension industry later this month regarding the refund of the contribution to SSNIT.
The 2022 Auditor-General’s report further highlighted SSNIT’s inability to fully retrieve the 4percent contributions that are in the custody of Fund Managers.
These fund managers were entrusted with managing the funds on behalf of contributors following the enactment of the National Pension Act, 2008 (Act 766).
Dr Ofori-Tenkorang noted that the Trust is making continuous efforts to retrieve all outstanding funds owed SSNIT.
