Management of the Social Security and National Insurance Trust (SSNIT) has challenged an indictment by the Auditor-General in his 2020 report.
The report cited SSNIT for guaranteeing over $17 million facility for the Intercity State Transport Company from the ADB for procurement of a new fleet of buses.
The report flagged the decision as a bad one since if STC fails to honour the loan, SSNIT will be required to pay as the guarantor despite its huge exposure already to the company as majority shareholder.
But speaking at the Public Accounts Committee hearing, Director-General for SSNIT, John Ofori-Tenkorang refuted the findings of the Auditor-General.
According to him, management of STC rather approached SSNIT for a loan which was rejected given the failure of the company to honour previous loans.
Mr. Ofori-Tenkorang argued his outfit never served as a guarantor for the loan STC took from ADB.
