NPP: Gov't used pension cash to buy Merchant Bank

The Minority Leader in Parliament, Hon. Osei Kyei Mensah-Bonsu, has stated emphatically that funds used by Fortiz to purchase Merchant Bank were made available to them by the Bank of Ghana from the second Tier Pension fund.

“If the Bank of Ghana says the second tier fund is with them they should come out and tell us when the money hit that account and its quantum...This government is not being truthful, this John Mahama’s government has never been truthful to Ghanaians,” he said emphatically.


He added;“..I am saying this unequivocally that, it is this same money they have given to some people to buy Merchant Bank. It is the workers’ money they used and that is the truth. If the government says the money is in the Bank of Ghana, then, they should come out to tell us which account the money is in and the quantity”.


In the past few weeks, public sector workers have been demanding to know where their pension fund have been lodged, how much has been accrued and who are behind the Pensions Alliance Trust, the company government appointed to manage the tier two pension fund on behalf of the workers.


In their anger, 12 public sector workers' unions, declared an indefinite strike, bringing the country's education and health sectors on their knees.


Employment Minister Haruna Iddrisu in an attempt to assure the workers that their monies are safe, said a total of 440 million cedis had accrued to the fund.


Funds under the controversial Tier Two pension scheme have grossed ¢1.64 billion, Chief Executive of the National Pensions Regulatory Commission has also revealed.

Laud Senanu said the figure represents contributions from the public, private sector workers as well as the investment component.


Nonetheless, Hon Osei Kyei in an interview with Sunyani based Ark Fm on Thursday was convinced that government is only deceiving the workers and "bidding for time" as it solicit for funds somewhere to replace the used money.


Per the Pensions Act, five per cent of the workers' salary has to be deducted into a tier two pension scheme whilst the employer contributes 13 percent to SSNIT.


The new law was passed in 2008; with the year of implementation being 2010.


The first batch of contributors under the tier two pension scheme are supposed to retire in 2015 and the workers want to be assured that their contributions are safe and sound before they go on retirement.