Aug 23, 2017
The Social Security and National Insurance Trust (SSNIT) has recruited Price Waterhouse Coopers (PWC), to conduct an independent audit of the operations of the Trust to determine its actual status.
The audit is part measures ensure that the Trust remains in a good condition to honour its investment and pension obligations to workers.
Dr Kwame Addo-Kufuor, Chairman of the SSNIT Board told journalists at a press conference in Accra today that the Review and Baseline Assessment would cover financial, risk, information technology, and human resource management for the past three years.
He said the board took a decision in May to conduct an extensive audit to ensure that the Trust “as an organization that exists to provide income security for workers in Ghana through the excellent business practices,” was healthy.
The Board Chairman said the assessment sought to review the financial records and state of affairs of SSNIT for the period preceding March 31, 2017, to ascertain whether transactions conducted conform to established procedures and accepted standards, and also to ascertain the true financial position of the Trust.
Dr Addo-Kufuor said the IT audit was also to identify and document gaps in the SSNIT IT system in view of the large expenditure on a new operating system, stressing that the Trust has procured a $66-million Operating Business Suite.
The review, he said, was to “offer guidance to the new board in the formulation of strategies and plans to ensure that the objectives of the pension reforms, which are to improve income security of the workers of Ghana, increase coverage of the Trust, reduce administrative cost and ensure good returns on investment as well as ensure that SSNIT is managed effectively, efficiently and with a high level of integrity, are achieved.”
For his part, Dr John Ofori-Tenkorang, Director General of SSNIT, said the objective of the management was to reduce cost and financially position the Trust to meet its obligations.
He said the new management, after assuming office had to de-invest some of the assets of the Trust in order to pay the monthly pension of contributors but currently the situation has changed due to prudent management of the finances of the Trust.
By Nii Adotey/adrdaily.com