Some fund managers owed the Social Security and National Insurance Trust (SSNIT) ¢483.365 million as of the beginning of 2021, the 2022 Auditor-General Report has indicated.
However, only ¢6.076 million was received by SSNIT in 2021 leaving an amount of ¢477.288 million yet to be recovered from the fund managers.
The Auditor-General is therefore recommending that management of SSNIT liaise with National Pensions Regulatory Authority (NPRA) to commit the fund managers to duly remit the unpaid balance without further delay.
Management also responded that the advance mobilisation amount for Antgya Ghana Limited is yet to be fully recovered and remains in full effect until SSNIT receives full repayment of the amount from Antgya Ghana Ltd.
“Management has noted the audit recommendation and will ensure that subsequent advance mobilisations paid to contractors do not exceed the 15% of the contract sum threshold”.
The report also noted that SSNIT’s Short-Term Treasury Sub-Asset Portfolio has the potential to enhance the liquidity position of the Trust.
However, investment in the Short-Term Treasury Portfolio has not been encouraging with the Trust missing its investment target of 6% in recent times.
Analysis of investment allocations to the Short-Term Treasury for five years showed that while the Trust’s Total Investment Portfolio showed an upward trend, allocations to the Treasury Sub-Asset Portfolio have relatively been declining.
The Auditor-General recommended to management to increase the investment outlay in the Treasury Sub-Asset Portfolio to increase its liquidity reserve to support the Trust.
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